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2011-05-02 10:40:04
Current Interest Rates and Trends May 2, 2011

Here is an update on current mortgage interest rates as of May 2, 2011. 

These are the current interest rates for the most popular loans (rates provided by Sean Knudsen with Prime Lending):

30 year FHA – 4.5 to 4.625%

15 year FHA – 4%

30 year 20% down conventional (both owner occupied and non-owner occupied) – O/O – 4.75%   N/O/O – 5.25%

15 year 20% down conventional (both owner occupied and non-owner occupied) – O/O – 4.125%   N/O/O – 4.75%

Utah Housing – 4.75%

USDA Rural Development – 4.625%

For more information and details on any of these loans, or to apply for a loan or to get a pre-approval, call Sean Knudsen with Prime Lending at (801) 722-9691 or email him at sknudsen@primelending.com.

This graph shows nationswide trends as of April 28th, 2011. As shown above, rates have continued to fall in the last 3 working days:

Interest Rate Trends April 2011

Here are a few excerpts I pulled from an email I received from a loan officer:

Good News! FHA rates are down to 4.5% today on a 30 year fix.

Positive news on existing home sales, released Monday, didn't rattle bonds.  Investors were looking ahead to auctions, Fed chairman Bernanke's press conference, the GDP and first-time claims.

Existing home sales in March beat expectations, jumping 11.2% to an annual rate of 300,000 units.  The median price also rose 2.9% to $213,800. The 10-year note yield fell to 3.36% from its 3.40% opening.

Consumer confidence in April rose to 65.4 from 63.8.  Attitudes regarding current conditions improved for the eighth straight month, but the response to home prices pushed the 10-year yield down to 3.32%.

On Wednesday durable goods orders in March increased for the third straight month.  Defense-related products, computers and transportation led the way, while core capital goods rose 2.2%.  Meanwhile, Treasuries sold ahead of the FOMC meeting and Chairman Ben Bernanke's first-ever press conference.

As expected, Fed policies did not change, and Bernanke cited housing and employment as stumbling blocks to economic growth.  He admitted inflation has 'perked up.'  The forecast for price increases was also hiked to between 2.1% and 2.8% -- significantly higher than the previous 1.3% to 1.7% span.  He also said prices are expected to 'come down to normal.'  Apparently bond traders didn't hear that because selling ensued.  The 10-year closed at 3.37%, but that didn't last for long.

Thursday morning, 1stquarter GDP was released.  It dropped to 1.8% (1.7% was forecast) from the 4thquarter reading of 3.1%.  The backward step encouraged buying in Treasuries.  In addition, first-time jobless claims rose by 25,000 to 429,000.  That's the third straight week above 400,000 and the highest level in three months.  Pending home sales in March rose 5.1%, but this didn't affect buying.  The 10-year yield closed at 3.31%.

Strong consumer spending in March pushed the yield on the 10-year note up early Friday morning with personal spending and income both beating estimates.  The PCE core rate, an inflation indicator, rose 0.1%.

The Mortgage Bankers Association said mortgage applications fell 5.6% during the week ended April 22, due mostly to higher FHA premiums.  Refis were down 0.6%.

This first week of May has a number of indicators due, but none as important as Friday's April employment report.  Considering initial claims rose last month, payroll numbers could fall.  Analysts, however, believe 200,000 jobs will be added and the unemployment rate will hold at 8.8%.  If the numbers come in on target, yields should hold.

Rates have dropped and are holding in the mid 4% range, foreclosures are up, home prices are down and inventory is high. This is a great time to purchase a first home, upgrade to a more expensive home and/or to purchase an investment property. Let me know how I can assist you in accomplishing your real estate plans and gials in Utah and if there is anything else that I can do for you! 

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