Mortgage Rates Volatile, but Good

According to Brad White of Northern Utah Mortgage and Loan, Mortgage rates are doing some interesting things with the varying economic news. 

WOW! Hold on! This has been as volatile a few days that I have seen for years. Monday rates were great, Tuesday started to come back too where they have been and today they are settling pretty close to last weeks rates!

Currently 30 year fixed Mortgages can be given at 5.75%, 15 year fixed mortgages at 5.5%, and Rural Housing loans at 6.125%

30 Year Fixed Mortgage Rate below 6%

The mortgage rate update report from Brad White of Northern Utah Mortgage has 30 year fixed mortgage at less than 6%. They haven't been this low in a while. It may be a good time to make that offer on the home you've been thinking about buying. 15 year fixed mortgage rates were even lower at 5.5%.

August Market Update

The Logan Real Estate Market doesn't look like it will be fully recovered this year. August homes were really pretty dismal compared too the last two years. So far only 100 residential homes have been reported as sold in Cache County (this number will go up a little as some lazy Realtors probably have not yet reported their end of month home sales). This puts August sales down nearly 30% from last August and down 37% from 2006 August sales numbers.

Many of the vacant high end homes are slashing prices and are starting to sell. This has raised the median and average sales price. Overall prices are not up, but August had the highest average sales price ever at $204,730. The median sold price was $186,200 and the homes that were on the market were on for an average of 95 days.

Currently there are 648 single family home listings and 740 total residential listings on the market. This number is gradually declining, but there are still too many homes for sale in Cache County.