Utah Rates, Programs, Purchases or Refinaning by Utah's Mortgage Guy

There has been a .75% swing in interest rates in the last 3-4 weeks.  30 year fixed rates were as high as 5.5%.  Fortunately we are seeing the rates come back down this week and look like they will be below 5% again soon.  I really think that there are so many people that are waiting to see if rates will get below 4%.  That just cannot happen.  Its kind of like gas getting below $150 per gallon.  It cannot ever stay there because that is cheaper than the cost to get the gas refined to the pump.  Banks cannot find investors to by the packaged Mortgage backed securities at a rate that low, the return is just to low on their money.

So please take a good look at whether now is a time to refinance for you.  Call me and lets look at the options.

Many of you may have a Freddie Mac or a Fannie Mae loan and the are specials loans that have been created by the "Hope for Homeowners Plan"  that can allow you to refinance even if you have zero equity right now. 

My goal is to get everyone a rate below 5% before they permanently go above 6%!!!  Call me Today!!!

Wow. That is my first thought for this weeks blog.

As traders try to read the economic indicators they are going back and forth between stocks, bonds, and treasuries. The result has been a .5% swing in interest rates in the last 10 trading days.

Today rates are worse by .25% again. And the indicators are the economy is hitting a bottom and likely with start to slowly accelerate for the better. This means that traders are going to stop investing in mortgage basked securities (what interest rates are tied to) and flood money into the stock market.

If you need to refinance or are buying this summer, I suggest you move sooner than later. There is a very good chance we are seeing and end in sight for rates below 5%.

Please let me know if I can do anything for you or your friends and family.