HUGE DROP in Interest Rates!!
If you are considering buying or selling real estate, especially in Utah, you should really take the time to read and study the information in this email and FORWARD it to anyone you know who is considering buying or selling real estate.
Interest Rates have dropped again! This chart below from Freddie Mac shows current interest rate trends; and our two local preferred lenders are locking rates lower than this!
30 year fixed-4.00%
15 year fixed-3.00%
No fee 15 year fixed 3.625% (loan amount over $125,000)
30 year fixed-3.5%
15 year fixed-2.75%
MACU 100% first time home buyer program:
30 year fixed-5.125%
1XClose 30 year-4.49%
*Please remember that each of these rates can adjust higher based on credit scores, loan to value and property type.
General Loan Fees:
1% origination fee Conforming and FHA (MyStyle account gets a .2% discount to origination)
1.5% origination fee MACU and Construction (MyStyle account gets a .2% discount to origination)
$20 Credit Report
$?? Title insurance and title fees based on title company and loan amount
These rates are truly remarkable as we expected them to be creeping up near 5% by now. This drop in rates truly does increase a buyer's buying power and allows for a higher purchase price for the same or lower monthly payment. For Sellers, this increases the amount of potential buyers for their homes as more buyers can qualify for a larger purchase price. See chart below.
*Calculations based upon 5% down conventional financing and excellent credit
For a Buyer who wants to keep their monthly payment to $1,200/month, this drop in interest rates can result in a change in buying power from $200,000 up to $230,000. That is potentially $30k more home for the SAME monthly payment if rates are 1% lower than expected.
We also want to congratulate Susan Crawford for receiving her Accredited Buyer Representative Designation and Jacob Burdis for officially receiving his PhD from BYU!
Jared Fields, JD
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