Like most cities throughout the United States, Seattle saw a decline in their real estate market in 2008 and 2009. CNN Money is projecting that will change by 2012. According to their analysis of 431 real estate markets throughout the U.S., home prices in Seattle will rise by 8.5 percent from the first quarter of 2011 to the first quarter of 2012.
What does this mean for mortgage rates? It depends.
Overall it means home prices may be getting more expensive in the next few years. Higher prices mean either more expensive mortgages or higher down payments.
If you’re in the market for a home today, you can use Seattle Banking Rates to find a mortgage rate that you can afford. You can lock in your mortgage rate while prices are still low and avoid paying thousands of extra dollars.