Where are Jackson Hole home prices going in 2012?

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We are going to start a series of blog posts that hopefully create a pattern that we can look back on and see if we were right.  Christy and I believe that there could not be a better time to buy real estate in Jackson Hole.  There are excellent values in all price ranges and we believe the amount of inventory allows buyers some good choices.  With that said we do believe a lot of the great properties that have been offered at reduced prices are starting to get purchased and that inventory is going down.  I saw this video yesterday which is from Barbara Corcoran – a real estate “expert” – that outlines some of the reasoning behind buying now and or selling right now.  Take a look.

Stay tuned as we will be posting quite a bit of information that we feel will be important moving forward into the 2012 real estate sales year here in Jackson Hole.  For additional information on real estate or anything else Jackson Hole please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Current Mortgage Rates – Bank of Jackson Hole

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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.  If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.  Here is T.R.’s most current update.

Interest rates are unchanged today as Goldman Sachs reported fourth quarter profits that soared above Wall Street expectations.  The Wall Street powerhouse, which has endured scrutiny over signs it was on track to pay billions of dollars in bonuses this year, earned $4.9 billion last quarter.  Their annual revenues more than doubled last year to $45.2 billion and they earned a profit of $13.4 billion in 2009.  Their biggest boost to earnings was a severe reduction in employee compensation… spending $16.2 billion (38.5% of total revenue) on wages and salaries last year.

BANK OF JACKSON HOLE

Residential Mortgage Rates for January 21, 2010

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 $693,750)
                         30 Year Fixed

4.875%

6.500%

15 Year Fixed

4.375%

6.000%

10/1 ARM

4.250%

6.000%

7/1 ARM

3.875%

4.625%

5/1 ARM

3.500%

4.250%

3/1 ARM

3.500%

6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
 

PRIME RATE: 3.250%
 

ONE YEAR LIBOR RATE: 0.878%

Thanks for the info T.R.!  For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts – Christy and Garth Gillespie – 877-739-8056.

Jackson Hole Mortgage Rates Updated

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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 Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.

Conforming ARM rates are lower this morning after the NAR announced that pending home sales continued their upward swing in May. Home sales rose (0.1%) for the fourth straight month… the first time this has happened since October 2004! The manufacturing sector’s activity rose to 44.8 in June as well. This was the six straight month this index has increased and the index reading indicates that manufacturing contraction has slowed, but not reversed itself. Manufacturing is a key indictor in gauging the strength of the economy.

BANK OF JACKSON HOLE
Residential Mortgage Rates for July 1, 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
5.125%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.125%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
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: 1.590%

For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts – Christy and Garth Gillespie – 877-739-8056.

Mortgage Rates in Jackson Hole – It’s Been a While…Has Anything Changed?

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Mortgage rates in Jackson Hole had been staying steady for almost a month with a percentage change every once in a while so this should be interesting…. The following is a report from our friend T.R. Pierce who works as the “Mortgage Guru” at the Bank of Jackson Hole. If you read previous posts you will be able to compare where rates have been are then make your own prediction as to where they are going. Fact is – rates are low and if you have good credit you should take advantage of these rates while you can. Timing mortgage rates is like timing the stock market so if you see value in making a purchase or refinancing we suggest you call T.R. Pierce to learn more about the Jackson Hole Mortgage Rates! T.R.’s report follows:

Conforming thirty year fixed, 7/1 and 10/1 ARM rates are down this morning as the U. S. trade gap widened less than expected in March as exports fell 2.4% and imports dropped for the eighth consecutive month. Imports of industrial supplies, materials and capital goods were the lowest since April 2004. U. S. exports to China grew 19.1% in March to $5.6 billion, the highest in five months.

BANK OF JACKSON HOLE
Residential Mortgage Rates for May 12, 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 $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

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

30 Year Fixed
4.500%
7.875%

15 Year Fixed
4.375%
6.875%

10/1 ARM
4.750%
7.875%

7/1 ARM
4.250%
5.000%

5/1 ARM
3.750%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 4.750%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.748%

For more information contact the Jackson Hole Experts toll free at 877-739-8056 and ask for Garth!

Mortgage Talk – Jackson Hole and the President

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Aspens - Wilson Wyoming

Aspens - Wilson Wyoming

This morning President Obama took time to discuss the current economy and to bring up the fact that there are historic low mortgage rates for people to take advantage of. Refinancing seems to be the topic of most interest as there are opportunities for Jackson Hole homeowners to refinance and save money. Rates on 30-year mortages have averaged about 4.8% for the past few weeks and are a full point lower than this time last year. The President also encouraged people who want to learn more to go to a new government website – www.makinghomeaffordable.gov.

In local Jackson Hole mortgage news we like to ask the “mortgage expert” T.R. Pierce at the Bank of Jackson Hole. Below is the banks current rates and report:

Conforming rates are unchanged this morning as Wall Street responds very positively to Wells Fargo’s announcement that it expects to report a profit of $3 billion for the first quarter. In other positive news… initial jobless claims fell last week and the trade deficit was $25.97 billion in February compared to $36 billion the previous month. This represented a 28.3% decrease in imports and was the lowest trade gap since November 1999.
BANK OF JACKSON HOLE
Residential Mortgage Rates for April 9, 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 $625,500

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.
PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)
30 Year Fixed
4.500%
7.875%
15 Year Fixed
4.375%
6.875%
10/1 ARM
5.000%
7.875%
7/1 ARM
4.625%
5.000%
5/1 ARM
4.125%
4.750%
3/1 ARM
4.875%
6.625%
30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.951%

These are some great rates and it is an incredible time for Jackson Hole residents to consider making a purchase, refinancing or moving up in the housing market. The low end market – under $500,000 – still needs to readjust some pricing so if you are in this category please call us for a free listing presentation from the JacksonHoleExperts. In many ways there has never been a better time to list your property for current market value as most of the market has mispriced their properties. To learn more….call us toll free at 877-739-8056.

Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty would like to wish everyone a Happy Easter. We are hoping for some warmer weather here in Jackson Hole as we still have about 2 feet of snow on the ground. Thanks for visiting the Jackson Hole real estate blog – Jackson Hole Experts-

Jackson Hole Mortgage Update – Jackson Hole Expert’s Report

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For some interesting reading on “Record Low Mortgage Rates” go here.

Another interesting article about the New Mortgage Reform Bill.

Then there is the HOT STUFF report from T.R. Pierce at the Bank of Jackson Hole. T.R. produces this report when there is interesting and informative information about the “World of Lending”.

The more you know…
UNDERWRITING CHANGES
It would be an understatement to say that the mortgage industry is changing everyday… and so we wanted to share a couple of the more recent changes we are seeing from a couple of our secondary market investors.

RESERVE REQUIREMENTS – Some mortgage loan programs require that the borrower have sufficient liquid asset reserves to cover two (2) months principal, interest, taxes and insurance (PITI) payments at time of closing. This has always been a requirement on owner occupied conforming high balance (over $417,000 up to $625,500) loans. Now we are seeing that borrowers of second homes will be required to have two (2) months PITI reserves on all conforming loans (regardless of loan amount) and for investment homes the PITI reserve requirement is six (6) months.

Plus, the borrower will have to have two (2) months reserves for each additional financed second or investment property! The thought behind these changes appears to be an effort to insure that borrowers have sufficient reserves for their new mortgage payments.

INTERST ONLY LOANS – This week we received our first announcement of the elimination of interest only loans with one of our secondary market investors. Now, this is just one of many investors we have, but often times we see one investor make an underwriting change and then the rest of the mortgage industry follows. This change appears be an effort to give borrowers the opportunity to reduce their principal with principal and interest payments… especially in markets with declining real estate values.

It is important to note that these changes are just with a couple of our secondary market investors and we still have investors with no reserve requirements and we still have investors who offer interest only loans. Just want to keep you informed of the changes we are seeing that might have an impact on your borrower’s qualifications.

Great stuff T.R.!!! Check back later this week for our weekly Mortgage Rates Update.

If you would like information about the Jackson Hole Real Estate Market please visit www.JacksonHoleExperts.com or call Christy and Garth Gillespie toll free at 877-739-8056. Have a great day!

Jackson Hole Bank Update – Mortgage Rates for March 27, 2009

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One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming interest rates are down this morning after consumer spending rose in February… rebounding for the second straight month! The Commerce Department reported that spending by individuals rose 0.2% last month after a revised increase of 1.0% in January. Some economists feel that “the majority of the declines in consumer consumption are behind us” and another indication that the economy may be improving is the 20% gain in stocks Wall Street has enjoyed in last three weeks!

Residential Mortgage Rates for March 27, 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 $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

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

30 Year Fixed
4.500%
7.875%

15 Year Fixed
4.500%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.625%
5.000%

5/1 ARM
4.125%
4.750%

3/1 ARM
5.250%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.010%

Thanks T.R. for the report. We appreciate the updates. Christy and I are excited about those 4.5% rates on conforming 30 year fixed! This should motivate all of you first time home buyers or owners that want to move up or around in Jackson. Guess what? This weeks movement in the stock market motivated a few buyers. We saw a piece of vacant land go under contract! We also heard of a contemporary townhome that went under contract! Great news…

If you would like additional information on the Jackson Hole Real Estate market please contact us – the Jackson Hole Experts – Garth and Christy Gillespie. Feel free to call us toll free at 877-739-8056.

Jackson Hole Mortgage Rates and Comments – March 11, 2009

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One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming fixed rate and short term ARM rates are unchanged this morning as stocks continue their rally with financial shares leading the surge. Citigroup and Bank of America jumped more than 10% after Treasury Secretary Geithner said the government will use capital injections to spur lenders to sell distressed securities. The stock market is also responding positively to the $410 billion bill passed by Congress which will boost domestic spending, loosen the trade embargo on Cuba and fund thousands of congressional pet “earmark” projects!

BANK OF JACKSON HOLE

Residential Mortgage Rates for March 11, 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 $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

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

30 Year Fixed
4.875%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.500%
7.875%

7/1 ARM
5.250%
5.000%

5/1 ARM
4.125%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.258%

For information on the Jackson Hole Real Estate Market keep checking into this Blog! You can also visit our excellent website Jackson Hole Experts where we provide you with Market Updates, Newest Listings, our Top Picks of the Week!
Call Garth at 307-739-8056.

Jackson Hole Local Residential Mortgage Rates for March 6, 2009

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One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming fixed rates are unchanged while conforming ARM rates are down this morning after it was reported that the unemployment rate rose to 8.1% with 651,000 people loosing their jobs in February. Even as the unemployment rate reaches the highest mark since December 1983… there are still 141,748,000 gainfully employed Americans working hard everyday!

BANK OF JACKSON HOLE

Residential Mortgage Rates for March 6, 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 $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

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

30 Year Fixed
4.875%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
5.000%
5.000%

5/1 ARM
4.000%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%

PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.154%
Rates and fees are subject to change without notice. Annual Percentage Rates (APR) are not included.

For more information on Jackson Hole and the Jackson Hole real estate market please feel free to call or email the JacksonHoleExperts at 307-739-8056.

Jackson Hole – Mortgage Rates – Local Information provided by T.R. Pierce – February 25, 2009

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One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Interest rates are unchanged again this morning after the National Association of Realtors reported that existing home sales dropped 5.3% last month. January sales were the lowest since July 1997 as potential buyers were waiting for clarity and certainty of the housing stimulus package. The national median home price was $170,300 in January and the number of homes on the market decreased to 3.6 million. The drop in total inventory is encouraging because at the current sales rate, it would take an estimated 9.6 months to sell the existing homes inventory.

BANK OF JACKSON HOLE
Residential Mortgage Rates for February 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 $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.
PROGRAM CONFORMING

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

30 Year Fixed
4.875%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
5.250%
5.875%

5/1 ARM
4.500%
5.625%

3/1 ARM
5.250%
6.625%

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

30 YEAR FIXED RATE FHA LOANS TO $625,500: 5.000%

PRIME RATE: 3.250%

ONE YEAR LIBOR RATE: 2.074%

For more information on the Jackson Hole real estate market please call Christy and Garth Gillespie, the Jackson Hole Real Estate Experts at 877-739-8056 or visit our website.

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CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

© Copyright 2018-2023 Christy & Garth Gillespie. All rights reserved.