Mortgage Rates In Salt Lake City Call
January 25th, 2008 Categories: FHA, Mortgage
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Holy cow, how else do you describe the mortgage rates this week. There was a point where lenders were not locking in rates because they were changing so fast. They were at their lowest in a long time, they were back up, they Feds droped the short term rate by 75 basis points, the DOW Jones had a 600 point swing in a day.
So what does all that mean? Rates are great and houses are available, hmmm. A good time to buy? Maybe.
FHA buzz flying around today, there has been talk about raising the FHA limit and lowering the 3% down payment to 1.5%. Before everyone starts crying that kind of lending got us in trouble in the first place. NO IT DIDN’T. FHA is a full doc loan, meaning you need a job that you can prove. Lenders are more regulated. Boy has there ever been a time to be a FHA loan officer for a FHA qualified mortgage company (most aren’t).
Rates are under six for the basic stuff and not much more for the not so basic.
Call Cindee at 801-381-3863 or Cindee@CindeeStone.com
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