Wild Markets

The Stock and Bond Markets are whipping around all over the place over the last couple of weeks as contrasting economic reports make it difficult for investors to predict what will happen tomorrow, let along where their money should be in the next 6 months to a year.

Here is our professional opinion: take each day as it comes, because predicting the future in such an uncertain market can be challenging at best and destructive at worst.

15 year fixed mortgages have ranged in the 4% to 4.5% range over the last month or two, with 30 year fixed mortgages hovering in the 4.5% to 5.25% range. 20 year fixed mortgages are a very safe bet right now with rates fluctuating in between 4.375% and 4.75%.

I have personally done my own loan on a 30 year fixed at 4.75%, and although we have seen some lower rates since then, I feel comfortable with the fact that I have a fixed rate that is pretty close to as low as they come.

Underwriting turn times right now are slightly backed up, but we are still closing loans in about 10 days. We see some close in 7 now and again, but most are taking between 10-14 days, which is still considerably better than the market. Retail loans through Bank of America and Wells Fargo for example are taking a minimum of 90 days to complete! NO THANKS!

We are watching the markets carefully and will post again if we feel that the rate markets are going to move up.

Welcome to the new HM Financial Utah Blog!

Be sure to checkout the brand new HMFinancialUtah.com website as well, which went live on Thursday, May 13 2010. We are looking forward to serving your loan and insurance needs.