Greg Perry,
Kirkland Realtor
We are definately heading in a downward direction on the interest rate front. We're seeing 30 year fixed rate loans at 4.75% and under. We're also seeing great ARM rates with 5/1's in the mid 3% range. As soon as the Fed stops buying back mortgage backed securities these rates will start to immediately rise. Some economists see interest rates above 7% in 2010.
We have 2 months remaining before the First Time Home Buyer tax credit program ends. Buyers will need have good contract locked up by the 3rd week of October with ensure closing in time to receive the credit of $8,000.
Sales activity continues to be brisk. King County Pendings came in at 571 for the week. The Eastside areas had very stong showings with 171 Pending sales.
Here is a history of King County and Eastside Weekly Pending sales:
To see the NWMLS areas:
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