Where are Mortgage Rates in Park City Headed and When are They Coming Down?
Park City Real Estate Mortgage Rate News December 8, 2022
Our agents strive to inform our buyers and sellers of Park City Real Estate with the most up-to-date information so they can make the best choices when buying or selling real estate in Park City. The current market has slowed due to some economic factors, which include soaring mortgage rates as the fed tries to tamper with inflation. With the help of our trusted local lenders providing up-to-date mortgage information to us, we have reason to be quite optimistic about tomorrow’s report and the week ahead! Please see below provided to us by our most trusted local lender.
“Tomorrow, the PPI (Producer Price Index) inflation report will be released, and there is a very good chance it makes a move lower (indicating this pesky inflation is beginning to soften). While it does not get the respect of the CPI (Consumer Price Index) Report, it could be dramatic enough to be positive for bonds (remember that when bond prices go down, their yield goes up. Mortgage rates follow bond yields like the 10 Year Treasury Note. When bond prices go up, their yield goes down, and in turn, so do mortgage rates).
Fast forward to next week – On Tuesday we have the CPI report, where we think we will continue to see headline and core inflation move lower. Additionally, on Wednesday, the Fed meeting will commence and they will release their statement and Powell will have a press conference. Even though the Fed is going to hike 50bps (basis points or ½ point), we think they may have to acknowledge the drop in inflation, which could be Bond friendly. If their tone is a little less hawkish, we could see another nice move in the Bond Market.
We have seen a good run in the Bond Market supported by the 100-day moving average helping to bring Jumbo mortgage rates to the lows 5’s with conventional agency products in the uppers 5’s(%). These current rates, combined with our various buydown products, could have clients starting with interest rates in the uppers 2’s!!”
As always, please reach out to us for the most up-to-date information on current mortgage rates as these are subject to change quickly!
Matt Snyder
Private Wealth Mortgage Banker | NMLS #288083
p. 435.714.1317 | matt.snyder@usbank.com
U.S. Bank
1790 Bonanza Dr STE 230, Park City, UT 84060
Whether you are looking to buy or sell Park City Real Estate, our team of Realtors is here to help. Over the past 5 years, we’ve sold over $500 million in property in Deer Valley, Empire Pass, Old Town Park City, the Canyons, Hideout, Tuhaye, and all surrounding areas. We strive to be the best realtor in Park City and no job is too big or too small. Deer Valley homes, Park City condos, Empire Pass ski-in ski-out properties, Hideout lots and New Construction is all in our wheelhouse so please don’t hesitate with the simplest of questions. We look forward to hearing from you so please reach out with your questions! Matthew Magnotta (matt@bhhsutah.com) Lindsey Holmes (lholmes@bhhsutah.com) Brad Erickson (berickson@bhhsutah.com)