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Mortgage Talk – Jackson Hole and the President

Aspens - Wilson Wyoming

Aspens - Wilson Wyoming

This morning President Obama took time to discuss the current economy and to bring up the fact that there are historic low mortgage rates for people to take advantage of. Refinancing seems to be the topic of most interest as there are opportunities for Jackson Hole homeowners to refinance and save money. Rates on 30-year mortages have averaged about 4.8% for the past few weeks and are a full point lower than this time last year. The President also encouraged people who want to learn more to go to a new government website – www.makinghomeaffordable.gov.

In local Jackson Hole mortgage news we like to ask the “mortgage expert” T.R. Pierce at the Bank of Jackson Hole. Below is the banks current rates and report:

Conforming rates are unchanged this morning as Wall Street responds very positively to Wells Fargo’s announcement that it expects to report a profit of $3 billion for the first quarter. In other positive news… initial jobless claims fell last week and the trade deficit was $25.97 billion in February compared to $36 billion the previous month. This represented a 28.3% decrease in imports and was the lowest trade gap since November 1999.
BANK OF JACKSON HOLE
Residential Mortgage Rates for April 9, 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
4.500%
7.875%
15 Year Fixed
4.375%
6.875%
10/1 ARM
5.000%
7.875%
7/1 ARM
4.625%
5.000%
5/1 ARM
4.125%
4.750%
3/1 ARM
4.875%
6.625%
30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.951%

These are some great rates and it is an incredible time for Jackson Hole residents to consider making a purchase, refinancing or moving up in the housing market. The low end market – under $500,000 – still needs to readjust some pricing so if you are in this category please call us for a free listing presentation from the JacksonHoleExperts. In many ways there has never been a better time to list your property for current market value as most of the market has mispriced their properties. To learn more….call us toll free at 877-739-8056.

Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty would like to wish everyone a Happy Easter. We are hoping for some warmer weather here in Jackson Hole as we still have about 2 feet of snow on the ground. Thanks for visiting the Jackson Hole real estate blog – Jackson Hole Experts-