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Mortgage Rates in Jackson Hole, Wyoming — March 19, 2009

Rates are dropping!

The story in Yahoo goes as follows – Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

T.R. Pierce’s report from the Bank of Jackson Hole tells a similar story with rates in Jackson Hole also falling. Christy and Garth Gillespie from Sotheby’s International Realty Jackson Hole are seeing prices fall throughout the market. The Jackson real estate market has probably reached a bottom as far as activity is concerned with only 3 deals in February so now is the time to start watching the market!

T.R. Pierce’s – Bank of Jackson Hole mortgage report: Interest rates are lower this morning as initial claims for unemployment benefits fell last week. Claims for unemployment were down 12,000 from the previous week and there are 5,473,000 people receiving unemployment benefits. But, there are still 141,748,000 Americans with jobs that are keeping our economy going and growing every day!

Residential Mortgage Rates for March 19, 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
4.625%
7.875%

15 Year Fixed
4.500%
6.875%

10/1 ARM
5.000%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.006%

Thanks T.R.! If you are looking for more information about the Jackson Hole real estate market please feel free to call Garth and Christy Gillespie, the Jackson Hole Real Estate Experts, at Sotheby’s International Realty in Jackson Hole – 877-739-8056 (toll free). You can also visit our website as it is full of valuable information.

Mortgage Rates – Jackson Hole – Local Information provided by T.R. Pierce – February 19, 2009

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 up this morning as the government’s measure of wholesale inflation rose more than expected in January. The Producer Price Index, which tracks the changes in selling prices for domestic producers, rose 0.8% last month… compared to a decline of 1.9% in December. Energy prices rose 3.7% prompted by a 15% increase in the gasoline prices, while food prices fell 0.4% compared to a 1.4% decline in December.

BANK OF JACKSON HOLE
Residential Mortgage Rates for February 19, 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
5.625%
7.875%

7/1 ARM
5.500%
5.875%

5/1 ARM
4.625%
5.625%

3/1 ARM
5.375%
6.625%

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

PRIME RATE: 3.250%

ONE YEAR LIBOR RATE: 2.101%
Rates and fees are subject to change without notice. Annual Percentage Rates (APR) are not included.

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.