With news stories reinforcing the fragile state of the global economy, mortgage rates again moved into record low territory last week. Highlighting the challenges facing Europe, financial services firm, J.P. Morgan, announced loses totaling over $2.3 billion dollars on complex bets that were intended to protect the firm from exposure to the European debt crisis. Fed Chair Bernanke also spoke last week, with little new insight into the Fed’s future plans or current view of the economy. This week is an extremely busy week of important economic data points. The CPI, Retail Sales, Industrial Production, LEI and others are due. With mounting evidence that the economy is shifting into a lower gear, any data that confirms that prognosis will apply more downward pressure on mortgage rates. Europe may also play a significant role in any movement in mortgage rates this week. With political challenges mounting, and growing evidence of even slower growth in the European bloc, any additional bad news from across the pond could pressure rates even lower.

 

With this being said, Utah home sales are still very strong and we anticipate them to continue to be strong with Unemployment percents being so low and with new business’s and families moving to Utah because of the demand it is going to continue to be a sellers market for awhile. As we have always been honest and upfront with our clients again we say "It’s never been a better time to buy a home" Lets go shopping!