Weekly Mortgage Update

Weekly Review

Week of May 13, 2012 With news stories reinforcing the fragile state of the global economy, mortgage rates again moved into record low territory last week. Highlighting the challenges facing Europe, financial services firm, J.P. Morgan, announced loses totaling over $2.3 billion dollars on complex bets that were intended to protect the firm from exposure to the European debt crisis. Fed Chair Bernanke also spoke last week, with little new insight into the Fed’s future plans or current view of the economy. This week is an extremely busy week of important economic data points. The CPI, Retail Sales, Industrial Production, LEI and others are due. With mounting evidence that the economy is shifting into a lower gear, any data that confirms that prognosis will apply more downward pressure on mortgage rates. Europe may also play a significant role in any movement in mortgage rates this week. With political challenges mounting, and growing evidence of even slower growth in the European bloc, any additional bad news from across the pond could pressure rates even lower.

Mortgage Rates

Information provided by Allen Hua with Graystone Mortgage; please contact him at 801.983.8235 or at AHua@graystonemortgage.com with all of your mortgage needs!

March 2012 Real Estate Update

EVERYBODY NOW IS THE TIME TO LIST AND BUY YOUR HOME IN SALT LAKE!!! With home prices stabilizing and inventory shrinking now is the time to get the most out of purchasing your new home. In a report based on the Feserv Case-Shiller Indexes predicts Utah home prices will have increased by the end of summer. With homes prices finally rising, trying to find more home for less money will become increasingly difficult. AGAIN NOW IS THE TIME! Utah has the seventh highest appreciation in the country and from third quarter 2011 to third quarter 2012 home prices will have increased 1.5%; during the same period 2012 to 2013 the Feserv said that it will be up 7.4%. AGAIN NOW IS THE TIME! Also, Utah home SALES have been rising for the ninth consecutive month. Meaning supply is going down, demand will be going up but more importantly home prices will be rising! Please contact me with any and all Real Estate questions!

Mike - Your Home Ally!
801.699.8176
RealtorThompson@gmail.com

*Information Provided by Utah Realtor Magazine first quarter 2012

Weekly Mortgage Update

Weekly Review Week of April 15, 2012 As expected, mortgage rates retreated from their recent bounce upward.  Last week’s economic news continued to reveal temperate economic news, which has deflated some of the recent optimism that the market was experiencing.  Weekly jobless claims moved higher last week, and after March’s disappointing jobs report, the additional disappointing news helped temper hopes for the rate of recovery in the labor market.  However, the Fed’s Beige Book continues to reinforce that we are in a recovery, even if it does seem painfully slow and unevenly spread. Retail Sales and Industrial Production numbers will be the biggest economic data for the market this week. Near-expectations or even slightly-below expectations readings will likely hold mortgage rates at their current level.  Concerns over the effect of rising gas prices could put some damper on moods,   and provide additional downward pressure on rates.  However, if  we see signs that the economic slowing in Europe and China is not significantly impacting the US, rates could be pushed up slightly.  Mortgage Rates Information provided by Allen Hua with Graystone Mortgage; please contact him at 801.983.8235 or at AHua@Graystonemortgage.com with all of your mortgage needs.        Thanks Allen!