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Jackson Hole Mortgage Rates….On the Rise

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.