SUMMARY:
The Seattle housing market is known for its competitiveness, with high demand and limited inventory driving up prices. As of the latest data, the median home price in Seattle is significantly above the national average. This competitive market can make it challenging to find affordable homes within commuting distance to the University of Washington. However, your strong financial position and excellent credit score should make you an attractive candidate for mortgage lenders. Current Interest Rates and Historical Comparison As of the latest data, mortgage interest rates in the Seattle area are around 6-7% for a 30-year fixed-rate mortgage. Historically, these rates are higher than the lows experienced in the past decade but are still relatively moderate compared to the 1980s and 1990s. Given your excellent credit score of 790, you can anticipate obtaining a rate on the lower end of the current range, possibly around 6%. You have 120,000available for closing costs and a down payment. If you allocate up to 800,000, you would allocate 24,000 for closing costs (800,000) and $96,000 for the down payment. A larger down payment reduces the loan amount, potentially lowering monthly payments and avoiding private mortgage insurance (PMI) if you put down at least 20%.