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:

Interest rates are unchanged again this morning after the National Association of Realtors reported that existing home sales dropped 5.3% last month. January sales were the lowest since July 1997 as potential buyers were waiting for clarity and certainty of the housing stimulus package. The national median home price was $170,300 in January and the number of homes on the market decreased to 3.6 million. The drop in total inventory is encouraging because at the current sales rate, it would take an estimated 9.6 months to sell the existing homes inventory.

BANK OF JACKSON HOLE
Residential Mortgage Rates for February 25, 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 $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.
PROGRAM CONFORMING

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

30 Year Fixed
4.875%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
5.250%
5.875%

5/1 ARM
4.500%
5.625%

3/1 ARM
5.250%
6.625%

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

30 YEAR FIXED RATE FHA LOANS TO $625,500: 5.000%

PRIME RATE: 3.250%

ONE YEAR LIBOR RATE: 2.074%

For more information on the Jackson Hole real estate market please call Christy and Garth Gillespie, the Jackson Hole Real Estate Experts at 877-739-8056 or visit our website.