Breaking News: FHA says they are drafting a program to allow the $8000 tax credit to be used as a down payment on FHA loans. Currently this cannot be done. For some getting a Utah mortgage (and California, and other states), that could shortly mean $14,000 down to buy certain homes. Details to be released in the next week or so. Watch this space for more.
Markets: Retail sales came in weak today, and last month’s number was revised downward, so stocks are losing ground, and bonds are moving higher. We have now gained back everything we lost last week, though we aren’t quite back to where we were the week before. Up and down in the same range is a sign of a market bottom. Be forewarned.
Analysis: Heard on Twitter: “Silently cheering for bad economic news is what you do if you’re looking for lower mortgage rates.” @tylerosby It’s kind of sad, but it certainly is true. I try not to hope for bad news, but when it comes, I don’t feel as bad as I otherwise might. These days, though, I genuinely hope that the economy improves, because although there is a “benefit” to mortgage refinancers and purchasers (and, let’s face it, to me) from bad news causing rates to drop, the REAL benefit to us would be if the economy revived and people started working and earning again. Remember, you make a whale of a lot more money having a decent job than you do shaving .25% off your mortgage rate. Any raise you might get would dwarf the money you’d save from that tiny a decrease in your rate.
I think we have the signs of a rate bottom here. We’ve been bouncing around in this general range for over a month now. Everything points to rates moving higher from here.
Currently, we’re sitting between 4.75% and 5%, depending on the loan and the program.
Tags: FHA, RateWatch, utah mortgage, utah mortgage broker, utah mortgage rates, utah real estate
Posted on Wednesday, 13th May 2009 by chrisjones
Posted in Rate Watch | Comments (2)
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