Last week, Secretary Henry Paulson announced that the Federal Reserve Bank was going to purchase a large amount of Mortgage Backed Securities(MBS) to inject some much needed liquidity and capital to the banks holding these bundles of notes. The impact was felt immediately on the mortgage market, rates for fixed rate mortgages plummeted on the injection of dollars into the system, dropping the 30 fixed rate by as much as 1%. Just today Chairman Bernanke re-iterated this today in his speech before a group of business leaders in Austin, Texas which caused an initial knee jerk reaction and sent the pricing of MBS skyrocketing and causing the effective yields (interest rates) to fall.
It is time to do a mortgage check up, see where you stand and see if these lower rates can help you refinance, purchase a new home, or even an investment property.
According to the Milken Institute Provo-Orem has been rated the #1 Metro area for job growth in the entire USA. That is great, the economy here is slowing just like it is all around the US, but it is nice to see that Provo/Orem is still creating jobs and having people move into the area. Provo-Orem is followed by Raleigh-Cary, NC (follow the link to read about it from my friend Tracy), Salt Lake City, UT, Austin-Roundrock, TX, with Huntsville, AL rounding out the top 5.
Utah has 2 of the top 5 places people are moving to to look for jobs in the country, and I am excited by the possibilities. With the continued job growth, the real-estate market is beginning to pick up, and homes are being sold. Right now rates are tremendous, and are expected to get better in the next few months. If you are thinking about moving to Utah, please give me a call before you talk to a Real Estate Agent, being pre-approved for a loan now is more important than ever, since credit standards are tight, it is better to know exactly what you need to do to buy the home of your dreams rather than waste a lot of your time looking at things you cannot qualify for.
Contact me and let me submit your loan for a no cost pre-approval.
 |
|
|
Motivated, dedicated, mortgage professional seeks honest, driven people to forge lasting business relationships.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
