Salt Lake City’s Mortgage Market Update 10/22/2008

Fears of a global recession have increased due to poor earnings reports from Wachovia, Merck and Boeing. This put pressure on stocks but provided a nice little boost to mortgage bonds, thus reducing interest rates yesterday and a bit more today.

Mortgage bonds have rallied since last week, gaining almost 300 basis points since last Wednesday’s lows.  So for now I recommend floating if you are in the midst of a new loan, but be prepared to lock if market bias changes.

For Salt Lake City, UT this morning’s mortgage rates are as follows:

30-year fixed: 5.875%

20-year fixed: 5.750%

15-year fixed: 5.50%

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