In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you. It looks like mortgage rates are on the rise. If you’re a Jackson Hole first-time home buyer this could impact your purchasing power. If you are a homeowner with a mortgage coming up for renewal, you’ll want to consider your options carefully. If you have a question about your current or future Jackson mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.

Rates are unchanged this morning on an unexpected rise in jobless claims causing investors to sell again. A day after the Federal Reserve expressed confidence in the economy, the government said new jobless claims rose by 15,000 to 627,000 last week. The market expected a decline and stock futures fell ahead of the market’s open on Thursday. Although rising unemployment claims shouldn’t be surprising to investors since unemployment usually continues to increase even when the economy is improving, the uncertainty about when the economy will turn around. and how fast it will grow makes for rocky times in the market. The Dow average remains up 26.8 percent from its 12-year low hit on March 9, but it is down nearly 500 points, or 5.7 percent, from the five-month high it reached on June 12..

BANK OF JACKSON HOLE
Residential Mortgage Rates for June 25, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
5.250%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.125%
4.500%

3/1 ARM
5.125%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.640%