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

This last few weeks has confused many people as to why rates have not fallen.  There are sevaral factors that are working against getting back to 30 year fixed rates getting to 4.5% again.  Many investors are not putting any money into buying mortgage backed securtities so the only real buyer is the US Treasury.  They bought 26 Billion dollars worth of MBS last week alone and rates still went up. 

Stocks are taking big hits based on losses companies are posting and it looks like the Jobless claims on Friday should be very hard to swallow.  This should allow rates to get a little better this week so call me if you are one of those fence sitters waiting to get better rates.

Wednesday we get more information about the economic stimulas plan and how it may help homeowners.  We look forward to see it the Obama administration can put together a REAL program that does actually help borrwers before they just get to frustrated sitting on hold waiting for a live per to talk too.  I personaly think that the program will be only offered through the bank you are currently with and most servicing lenders are 2-3 monhts backlogged with the loans they have now.  So this new program might not help many because of the true lack of access to it.

Let stay in touch an as always please post you comments and questions on the blog so we can address them.