The Week

Well it has been a roller coaster over the last week. At the beginning of the week mortgage bonds were doing well rates were getting better because of how poorly financials were doing in the stock market. Indymac Bank became the second largest bank ever to fail which brought skepticism to all of the financials and investors moved their money to bonds for safety. But toward the middle of the week oil dropped in price and earnings from the banks were better than expected so the stock market rallied and pushed up mortgage rates to almost their worst level in a year. It is a very volatile market right now. with big jumps up and down in both the stock market and the bond market.
If you are looking for a house I would lock in the rate as soon as you find the house that you are looking for. It is not a market to be chancing as things can change in a blink of an eye.

Here is a product highlight for today. I will do this on every Friday.


UTAH HOUSING - AFFORDABLE HOUSING OPPORTUNITIES
• Utah Housing does not run out of money
• Homes may be existing or new construction
• Single Family Detached, Twin Homes, PUD or Approved Condos
• Homes may be located anywhere in Utah and must meet FHA/VA guidelines
• Borrower may not have had ownership in a primary residence in the previous
three years unless the home is located in a targeted area
• Income limits apply based on number in household, county, targeted and
non-targeted areas
• Rates are lower than FHA and Conventional
• Utah Housing Corp sets the rate which changes once a week
• Down payment, closing costs and buydown funds can be borrowed from Utah
Housing
• Minimum credit score is 660
• Recapture fee has been eliminated

I will be out of town next week so I will pick it up on the 28th.