Interest Rates (went up)

Wow – after closing at the lowest levels since October, the Bond market took a BEATING yesterday. It has lost 363 points since last Thursday.

The primary cause is OVER-SUPPLY. It was a sell-off of Mortgage Backed Securities. Although the Feds have been buying up MBS for many months, it cannot offset the sell-off of supply forever. This is exactly the reason I have been saying all along, we will likely never see rates at 4.0%. The intention of the Feds was to prolong the time frame that rates stayed around 4.75% to 5.00% - not force a 4% rate.

Now the question is: will rates move back down to where they have been? The answer is not certain, but it will be VERY difficult to do so.

The market is very volatile today and moving down. We have just received an “alert to lock” due to deterioration.

What a crazy ride.

I will keep you posted. I am here for you.





CONVENTIONAL ( Loan amounts up to $417,000)

30 yr. Fixed – 5.375% APR 5.595%

15 yr. Fixed – 4.875% APR 5.095%



JUMBO (Loan amounts above $417,000)

30 yr. Fixed – 5.625% APR 5.845% (to $625,500 10% down) SL, Tooele, Summit Counties)

30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)

30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)



THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.

CALL ME TO DISCUSS YOUR SCENARIO.





FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)

30 yr. fixed - 5.250% APR 5.750% with 740+ FICO

30 yr. fixed – 5.250% APR 5.750% with 620+ FICO

15 yr. Fixed - 4.500% APR 5.000%



FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)

30 yr. Fixed – 5.375% APR 5.875% with 740+ FICO

30 yr. Fixed – 5.500% APR 6.000% with 660+ FICO



UTAH HOUSING

30 yr. Fixed - 6.375% APR 6. 875%



RURAL HOUSING

30 yr. Fixed – 5.500% APR 6.000%



455 Home Run Grants remaining.





**Rates are subject to change with market and loan size.

**Rates are subject to credit qualifying and down payment.

**Rates are based on a 30 day lock period.

**Rates are based on a 740 FICO for Conventional Loans

**Rates are based on a 620/660/740 FICO for FHA Loans

Info provided by Graystone Mortgage, Inc

Daybreak, South Jordan, UT

DaybreakUtah.com

Daily Interest Rates

CONVENTIONAL ( Loan amounts up to $417,000)

30 yr. Fixed – 4.750% APR 4.970% with .125% discount

15 yr. Fixed – 4.375% APR 4.595%



JUMBO (Loan amounts above $417,000)

30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties)

30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)

30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)



THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.

CALL ME TO DISCUSS YOUR SCENARIO.





FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)

30 yr. fixed – 4.750% APR 5.250%

15 yr. Fixed - 4.250% APR 4.750%



FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)

30 yr. Fixed – 4.870% APR 5.375% with 660+ FICO



UTAH HOUSING

30 yr. Fixed - 6.250% APR 6. 750%



RURAL HOUSING

30 yr. Fixed – 4.875% APR 5.250%



650 Home Run Grants remaining.




**Rates are subject to change with market and loan size.

**Rates are subject to credit qualifying and down payment.

**Rates are based on a 30 day lock period.

**Rates are based on a 740 FICO for Conventional Loans

**Rates are based on a 620/660/740 FICO for FHA Loans

$8,000 Tax Credit soon to be use for down payment on FHA loans.

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

press release

May 12, 2009, 1:10 p.m. ESTWASHINGTON, DC, May 12, 2009 (MARKETWIRE via COMTEX) -- Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand Realtors(R) gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors(R) Midyear Legislative Meetings&Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors(R) has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market. "I do think we have some early signs that the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."

Interest Rates

CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.500% APR 4.720%

JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties) with .25% discount
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)


FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.750% APR 5.250%
15 yr. Fixed - 4.375% APR 4.875%

FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.875% APR 5.375% with 660+ FICO

UTAH HOUSING
30 yr. Fixed - 6.250% APR 6. 750%

RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375% with .125% discount

799 Home Run Grants remaining.


**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans

Info provided by Graystone Mortgage

Introducing more home buyers!

The Tango Team is proud to introduce Bret and Maralee and their children. Bret is a successful regional business consultant for a medical suply company and Maralee is a domestic diva.
They decided to take advantage of this great Salt Lake market with so many incentives such as low interest rates, tax credits, and Utah grant, plus $6,000 of more builder incentives.
The Tango Team is pleased to show them homes in Saratoga Springs, Lehi, Herriman and West Jordan areas.
Please email us or give us a call (801-372-7874) if you are in the market looking for a place to call home.

Interest Rates

CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.375 APR 4.595%

JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)


FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.250% APR 4.750%

FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.750% APR 5.250%

UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%

RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375%

839 Home Run Grants remaining.


**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans

Information provided by Graystone Mortgage

Extasis - Astor Piazzolla

A little something for all our followers.
And remember: In real estate it takes two to tango.
Enjoy it!

Foreclosure Prevention

Please call us if you need any help with this issue. We are Distressed Property Experts. 801-372-7874. Sometimes help is just a phone call away!

Credit Score

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