Salt Lake City’s Mortgage Market Update for Oct. 31, 2008

Rates are looking a bit better due to some economic news over the past couple of days.

  • Falling oil prices
  • The Personal Consumption Expenditure Index (PCE) eased quite a bit on a year-to-year basis.
  • Consumer spending fell in September, which is bad for the short-term economy, but that means people are holding onto their money (saving) which is good for the long-term economy.
  • The Bank of Japan cut it’s benchmark interest rate to 0.3% following the Fed’s cut of the Fed Fund rate on Wednesday.

So with all this Mortgage Bonds have opened higer this morning which means if they continue to be strong we’ll have a lowering in mortgage interest rates here in Salt Lake City over the next week.  For this reason for now at least I recommend floating if you are going to close a new home loan in the next 30-days.

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

30-year fixed: 6.250%

20-year fixed: 6.125%

15-year fixed: 5.750%

FHA 30-year fixed: 6.500%

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