12 May 2009

Utah Mortgage Rates- Is It About Luck ?

With Mortgage Rates, You Can't Shop For Good Luck

Getting a good mortgage rate is often a matter of good luckAfter a series of increases starting April 30, mortgage rates in Utah  finally took a dip Monday.  It was a welcome surprise for Utah home buyers that went under contract over the weekend. 

Same for homeowners looking to pull the refinance trigger.

Versus mortgage rates on Friday afternoon, many local SLC lenders were already showing lower rates Monday morning before a late-afternoon rate sheet reprice went even lower.

The drop in UT rates lowered annual mortgage payments by roughly $180 per $100,000 borrowed.

Rate dips like this aren't expected, of course, bringing us to the one of the most important axioms of shopping for a mortgage rate: You can't shop for good luck. Even in Utah.  This is because mortgage rates are inherently unpredictable. 

  • On some days, rates are higher
  • On some days, rates are lower
  • On some days, rates are unchanged

Occasionally, there are days when rates are all three.

Monday's rate dip, though -- while sharp -- may not last.  Early this morning, markets were pressuring mortgage rates to rise and lenders are often quick to pass rate hikes on to consumers.

With a little bit of luck, you'll get your rate locked in before it changes for the worse.

Just as you start shopping early for a home to buy, you should select your loan officer and shop Mortgages to finance that home.

Let us know if you need help with that. We have a number of lenders that we work with. We would be confident in their recommendation.

To check us out stop by our website at All About Utah Real Estate to begin your search for a home and a lender.

Then give us a call @ 435-840-5031, We can talk about Utah Mortgage Rates and why it's not about luck.



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