Yesterday, the government admitted what all we commoners have known for quite a while: the country is in a recession. In fact they say we’ve been in one since December of 2007. I think most any small business owner could have told you that. But the “official” announcement reveresed five days of strong trading on Wall Street as timid investors pulled all their money out of the stock markets. Hopefully they’ll head for the safety of Bonds, which will further sustain or help mortgage interest rates, especially here in Utah where rates seem to be better than the national average, even though gas prices aren’t.
So for today, I recommend carefully floating if you are in the process of a new mortgage loan. As of this writing rates are still where they were yesterday, so it’s just going to be a matter of watching them closely and moving quickly to lock if they start to move upward.
For Salt Lake City, UT today’s average mortgage rates are as follows:
30-year fixed: 5.125%
15-year fixed: 5.00%
Jumbo 30-year fixed: 5.375%
FHA 30-year fixed: 5.500%