Some analysts think housing prices in the United States will stabilize and rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase.   It is possible that Utah could enter a new mortgage boom. 

The take over of Fannie Mae and Freddie Mac in September, as well as Fed's plan last month to buy up to $600 billion in "agency" securities issued by Fannie, Freddie, Ginnie Mae and the Federal Home Loan Bank system have had some results.  

Mortgage rates have begun to tumble, while mortgage applications are slightly picking up.  Banks are also rehiring the mortgage loan personnel they recently fired not long ago.

On Wednesday, data from an industry group showed that U.S. mortgage applications had surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance after government interventions that helped push interest rates down to record lows.

The Mortgage Bankers Association (MBA) said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest reading since the week ended July 18, 2003, when it reached 1,284.3.

                    


The MBA counts all applications in its survey, even those that are ultimately rejected, and it does not account for multiple applications, which has become increasingly common due to significantly tighter lending standards.

It is possible that the Utah Real Estate market may get some sparks of life in the Spring of 2009.  It will never return to the crazy days of someone making $10 an hour getting a loan on a $600,000 home.  Nor do we want this return of free loans to anyone. 

It is difficult to find positive news about Utah Real Estate these days.  Mortgage rates are incredible and many speculate they will go slightly lower in January.  This really is good news to those stuck in terrible mortgages.  If you would like help finding a reputable lender in the Utah County area give us a call.

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Welcome to my blog!  I manage Team Teasdale of Re/max Results Realty.  We are located  in Spanish Fork, Utah.
Our group combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Associate Broker
ABR, CRS, e-PRO, QSC, Finance BYU
14 Years Experience, 750+ Homes Sold
Team Teasdale, Utah County Real Estate
Phone: 801-491-7653

http://www.UtahCountyListings.com
Email