Current Jackson Hole Mortgage Rates

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BANK OF JACKSON HOLE

Residential Mortgage Rates for November 4, 2013

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 720 and a loan-to-value of at least 80 percent.  The conforming loan programs feature a one (1%) percent loan origination fee and the requirement that the borrower escrow for taxes & insurance.

HIGH BALANCE CONFORMING LOANS UP TO $625,500 FEATURE INTEREST

RATES SLIGHTLY HIGHER THAN THE CONFORMING RATES SHOWN BELOW.

 

PROGRAM

CONFORMING

(Loans to $417,000)
JUMBO

(Loans over $625,500)

30 Year Fixed

4.125%

4.625%

15 Year Fixed

3.125%

3.875%

7/1 ARM

3.250%

3.250%

5/1 ARM

2.750%

3.125%

 

PRIME RATE: 3.250%

 

ONE YEAR LIBOR RATE: 0.602%

 

SUPER JUMBO – We have lending sources for loan amounts up to $5,000,000!

PLEASE CALL FOR QUOTES.

Please contact T.R. Pierce for more information:

T. R. PIERCE

307.732.3050

307.413.1946

tpierce@bojh.com

NMLS 461602

  

 

A Good Question For Jackson Hole Buyers

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Christy and I found this discussion very interesting…..

Forbes: Buy Now or Pay More Later?

 

by on October 22, 2013 in For Buyers

Time is moneyEven though no one at KCM actively lists or sells real estate, some of our readers believe that there is an inherent bias toward the real estate community in our writing. For that reason, we want to quote a third party source today. Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.

The article, Should You Buy a Home Now or Pay More Later?, explain:

“With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon.

The danger for potential homebuyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”

The article spells out the financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage).

They went on to identify four things a buyer should take into consideration before delaying a decision to purchase.

  1. Rates will likely rise — and soon with 5% interest rates right around the corner.
  2. The Federal Reserve will start “tapering” causing rates to return to historically normal levels (6-7%).
  3. Home values are rising
  4. The autumn buying season is underrated “as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.

Bottom Line

The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!

 

Jackson Hole Interest Rates

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September2013-19We are starting to get a lot of questions about interest rates.  Are they going higher, are they going back down, should we “lock our rate?  All of these are good questions and we don’t exactly have the answers but we do have some thoughts on the issue.

First of all, we don’t believe they are going back to 3%.  The interest rate hovered in the 3% range for a very long time.  The government is starting to indicate that they are going to start phasing out the “quantitative easing” which should increase interest rates.

Are they going higher?  Not in the short term….but more than likely yes in the longer term.  When we look at some recent projections from some notable entities like Fannie Mae, Freddie Mac and the National Association of Realtors we see most of the projecting that rates with be right around 5% in the second quarter of 2014.

Should you lock your loan?  We don’t have your answer on this one.  We suggest you speak with your local lender and have them assist you in making that decision.  Christy and Garth Gillespie recommend a few lenders and they include:  Patti Patterson – 307-732-7868. Jeff Collins – 307-732-7925 or Mark Hassler – 307-732-7933 all at First Interstate Bank or Eric Burba: 307-200-9756 at Guaranteed Rate.

 

Jackson Hole Home Prices Ready to Rebound?

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This is a great cover from one of the more trusted investment institutions – Barron’s.  The article explains how there is a belief that housing prices will remain rather flat for the year but by the beginning of 2013 we should start to see some appreciation in the housing market. 

What’s important here is that there is a general feeling that appreciation is going to start soon.  If you are on the fence about getting back into the housing market there are a lot of signs and people saying now is a good time to jump in.  Last week home mortgages hit another low but we should not expect rates to stay low like this ever.  If the economy and job market continues to improve we can hedge a bet that loan rates will slowly rise again.

To learn more about the real estate market and especially the Jackson Hole real estate market please call us, Christy and Garth Gillespie @ 307-413-5243 or send us an email at garth.gillespie@jhsir.com.

Buying in Jackson Hole– Make Sure You Ask About Assumable Mortgages

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Wow – Christy and I just learned some powerful information this week that we would like to share.   It was brought to our attention that buyers that are in the lower end of the market should be talking with their mortgage bankers about FHA loans and or assumable mortgages.  This is forward thinking but right now we are experiencing record low interest rates.  Buyers of properties right now are able to secure financing for under 3% in some situations.

Why are we bringing this up?  When a FHA homebuyer is buying a home today they will have the opportunity to lock in these extremely low interest rates.  Then when the buyer becomes a seller some day they will have an assumable mortgage.  This means a qualified purchaser can “take over” the loan. 

As an example, a $300,000 loan at 4% today carries with it a $1,432.25 principal and interest payment on a 30 year fixed mortgage. If offered for sale in five years, the purchaser could assume the $271,858.56 balance with the same $1,432.25 payment and remaining term of 25 years. The total payments over the 25 years would be $429,675.

Compare that to a new $272,000 loan at 6.5% for 25 years, which would carry a monthly payment of $1,836.56 (over $400 more a month than the assumption and more than $120,000 more over the 25 year term).

At 6.5% for 25 years, to wind up with the same payment as the assumed mortgage, our borrowers would only be getting $212,000…$60,000 LESS!

The point here is that, when rates go up, homes with assumable mortgages will have more value and will sell at higher prices because they are more affordable.

We hope you find this information helpful.  For additional buying tip in the Jackson Hole Real Estate market please contact the Jackson Hole Experts – Christy and Garth Gillespie at 307-413-5243 or email at garth.gillespie@jhsir.com.  You can also visit Jackson Hole Sotheby’s website at www.jhsir.com.

Where are Jackson Hole home prices going in 2012?

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We are going to start a series of blog posts that hopefully create a pattern that we can look back on and see if we were right.  Christy and I believe that there could not be a better time to buy real estate in Jackson Hole.  There are excellent values in all price ranges and we believe the amount of inventory allows buyers some good choices.  With that said we do believe a lot of the great properties that have been offered at reduced prices are starting to get purchased and that inventory is going down.  I saw this video yesterday which is from Barbara Corcoran – a real estate “expert” – that outlines some of the reasoning behind buying now and or selling right now.  Take a look.

Stay tuned as we will be posting quite a bit of information that we feel will be important moving forward into the 2012 real estate sales year here in Jackson Hole.  For additional information on real estate or anything else Jackson Hole please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Record Low Interest Rates on New Mortages – Time to Buy Jackson Hole Real Estate!

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Here’s an updated article the talks about the new record low interest rates.  Rates like this have not been seen for over 50 years.

http://money.msn.com/business-news/article.aspx?feed=AP&date=20120105&id=14666486 

For more information on Jackson Hole Real Estate please contact Garth and Christy Gillespie @ Jackson Hole Sotheby’s – 307-413-5243.

Fixed rate mortgages hit new low

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According to a recent article by the Associated Press, Fixed-rate mortgage rates fell last week to the lowest levels in 60 years. The average interest rate for a 30 year fixed rate mortgage is now 4.12%, Freddie Mac said last week. It is the lowest rate on record since 1971, and the cheapest rates since 1951.  Furthermore, the average rate for 30-year fixed mortgages was below 5% for all but two weeks over the past five years. Similarily, the average interest rate on a 15 year fixed rate mortgage is 3.33%, also the lowest rate since the record keeping began in 1991.

HOWEVER…..These record low rates have done very little to re-energize the depressed housing market. Sales of new homes are on track to finish the year as the lowest on record in 50 years. The pace of re-sale homes aren’t doing much better – they are the worst in 14 years.

WHY…….Nation wide, an uncertain economy along with high unemployment have discouraged many Americans from taking advantage of these low rates. Additionally, many Americans have seen little wage increases and as a result of the economic climate, many are saddled by large personal debt. None the less, many can’t even qualify for loans at these low rates. Many banks are now insisting on higher credit scores and a 20% down payment for first-time homebuyers. According to a survey by the National Foundation for Credit Counseling,  just 1/2 of Americans say they will ever be able to saive enough money for any type of down payment, let alone a 20% down payment. Further, only 40% of US households have the necessary credit scores above 700 to receive a prime mortgage rate, according to an Associated Press analysis of Fair Isaac Corp. (FICO) data.   Many repeat buyers do not have enough equity built up in their homes to meet loan requirements. Most alarming, accroding to the real estate research firm CoreLogic, about 1/3 of American homeowners have nearly zero equity or are underwater in their mortgage.

Low interest rates usually encourage many to buy real estate, many middle and lower class Americans can’t take advantage of these record low rates. If you are able to qualify for these prime rates, there are many opportunties available. Here in Jackson Hole, there are several opportunities to purchase bank owned homes or lender approved short sale properties.

Contact us, The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty  at garth.gillespie@jhsir.com for a list of bank owned opportunties in Jackson Hole, Wyoming.

Jackson Hole Mortgage Rates Updated

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In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you. It looks like mortgage rates are on the rise. If you’re a Jackson Hole first-time home buyer this could impact your purchasing power. If you are a homeowner with a mortgage coming up for renewal, you’ll want to consider your options carefully. If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.

Conforming ARM rates are lower this morning after the NAR announced that pending home sales continued their upward swing in May. Home sales rose (0.1%) for the fourth straight month… the first time this has happened since October 2004! The manufacturing sector’s activity rose to 44.8 in June as well. This was the six straight month this index has increased and the index reading indicates that manufacturing contraction has slowed, but not reversed itself. Manufacturing is a key indictor in gauging the strength of the economy.

BANK OF JACKSON HOLE
Residential Mortgage Rates for July 1, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)
30 Year Fixed
5.125%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.125%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.500%

3/1 ARM
5.125%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.590%

For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts – Christy and Garth Gillespie – 877-739-8056.

Jackson Hole Mortgage Rates….On the Rise

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One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming interest rates rise as pending home sales increase for the third straight month… the NAR reported that pending home sales rose 6.7% in April after a 3.2% increase in March. Homes under contract increased 32.6% in the Northeast, 9.8% in the Midwest, 1.8% in the West and only 0.2% in the South. This morning Wall Street is showing some caution after yesterday’s rally which was spurred by upbeat reports on manufacturing, construction spending and consumer spending.

Residential Mortgage Rates for June 2, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
5.250%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.500%

3/1 ARM
5.375%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.250%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.607%

Rates are still great but we are starting to see an upward tick in the rates. Don’t be left behind – Now is the time to look at the inventory on the market. For more information call the Jackson Hole Experts at 307-413-5243. We have been tracking the market and have selected some great Jackson Hole deals. To hear more or to see what we have picked check out our TOP PICKS page.

QUICK LINKS

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Contact

CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

© Copyright 2018-2023 Christy & Garth Gillespie. All rights reserved.