This week features Trevor Bennett of Countrywide Home Loans and Jim Reppond discussing the current mortgage market and what the new Fed discount rate and overnight funds rate cut means to the market. Good discussions on conforming and non-conforming loan, “blended loan rates”, seller financing incentives, and more.
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Jim Marks: Hello and welcome to the Seattle Real Estate Podcast. I am your host Jim Marks of Virtual Results, and with me as usual I have the Seattle Specialist, Jim Reppond, Founder of the Reppond team; the number one producing Coldwell Banker Bain team in all of Seattle. Today we're going to discuss a topic that's getting a lot of press recently, the Turbulent Mortgage Market. Joining Jim and I this morning, we're excited to have Trevor Bennett. Trevor is a leading Mortgage Banker and top producer with Countrywide Home Loans in the Northwest. Trevor specializes in providing residential financing for Seattle and the surrounding areas. We are pleased to have Trevor to assist our listeners in navigating through this Turbulent Mortgage Market. Jim, Trevor, thanks for being here.
Jim Reppond: You bet Jim, good to see you.
Trevor Bennett: Thanks Jim.
Jim Marks: Jim, I will start with you. We have invested some time two weeks ago in our first time Home Buyers Podcast, speaking about the financing challenges in the Real Estate Market. Have we seen a significant change in the last two weeks?
Jim Reppond: Well, yes Jim, we have. Actually just yesterday when the Fed dropped their discount rate by half a point and that was a big shot in the arm for the market, that's doubled what most of the economist thought was going to happen. So, while it's still too early to tell how that's going to affect overall mortgage rates, there is a general thought that they will slowly drift down as a result of that, and there is at least one or two more meetings before the end of the year, so other things could happen as well. [Read more…] about The Seattle Real Estate Podcast-Turbulent Times for Borrowers