One of my lenders sent this to me today. We don't know a lot about it yet, it is just talk as of now. So, as the whole thing unfolds I will put details out for you.
Other good new, Utah housing rate is 5.98%! yahoo!
FHA and Conventional rates had a worsening today. But, they still look great.
"There has been alot of talk about a proposed plan regarding first time homebuyer purchase money reaching 4.5%. My personal opinion on this is put your money where your mouth is. Hovnanian a large builder requested rates to 3% and were shot down. I understand the plea behind this, if you can stir up enough purchases demand rises, foreclosures potentially go down due to them selling and poof we're back on track."
My market report gave me this news about things happening today.
"The November jobs report was released today showing some of the worst numbers in decades. Non-farm payrolls dropped 533,000 last month and was only the fourth time in 58 years that our economy lost over 500,000 jobs. The unemployment rate ticked up to 6.7%, the highest since October of 1993.
The news sent the Stock markets lower while the Bond markets didn't have much of a reaction. We are currently in a bad economy and only news of a better report would have been a surprise.
So, keep your fingers crossed that we will continue to get better rates.
About The Utah Finance Guru!
- Cindee D. Stone
- Loan Officer Interview Q and A: How long have you been in the mortgage business? I have been in the mortgage industry for over 18 years. I have been very blessed and fortunate to have worked with so many wonderful people! How has the mortgage industry changed since you started, and what would you expect in the future? The mortgage industry and changed so much over the last few years. And, continues to change on a daily basis. It is very important to have a loan officer that has the experience to guide you through the process with success. What can borrowers do to insure a smooth mortgage underwriting process? The most common issue during the loan process is getting all of the documents from the borrowers. It is so different now and so much more is needed. This allows us to see the entire picture and make sure it all goes as smooth as possible. What provides you with the most satisfaction in your job as a Loan Officer? Even though the mortgage industry is harder these days, it will never take away the satisfaction and happiness with assisting someone getting into the home of their dreams! Or, helping a homeowner refinance and save money.
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