A client of mine locked her interest rate last Friday at 4.625% for a 30 year fixed rate conventional mortgage! That’s an amazing interest rate! If you’ve been waiting to lock your loan or are thinking about refinancing, you and your lender should be watching interest rates very closely right now.
Archive for the ‘Interest Rates’ Category
Wow!!! Those are low interest rates!
Monday, May 17th, 2010Interest rates on mortgages remain stable in April 2010. Good news for buyers of Salt Lake City homes and condos!
Tuesday, April 27th, 2010At the end of March 2010, the Federal Reserve ended their policy of buying mortgage backed securities to keep mortgage rates low. I blogged about this on March 29, 2010. So far, this change in policy doesn’t appear to have affected interest rates. Rates are still in the low 5% range for a 30 year fixed rate mortgage which is about where they were in March.
If interest rates start to climb, that would decrease the buying power for buyers of Salt Lake City homes and condos. Let’s hope these low rates continue!
Kevin Coyle Associate Broker, GRI, MBA Kevin@SLCHomeBuyer.com 801-243-0699 (Mobile) Stonebrook Real EstateWhere do interest rates go from here?: Federal Reserve Mortgage Backed Security Buyback program set to expire this week
Monday, March 29th, 2010The Federal Reserve has been buying fixed rate mortgage backed securtities for over a year now and the program expires this week. This program has kept interest rates at historic lows hovering around 5% for a 30 year fixed rate residential mortgage. A mortgage backed security is a package of many mortgages grouped together that is sold to a large financial institution and domestic or foreign governments.
From what I’ve read, it sounds like the Federal Reserve does not plan to extend the program at this time, but you know they will be watching closely to monitor the situation. They/We (It’s the government) have a lot invested.
Many analysts are speculating that this will mean that there will be an increase in interest rates in the months to come, but again, it would seem like the Federal Reserve would do everything they can to keep rates low in order to continue this economic recovery.
Kevin