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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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Mortgage Applications Rise as Interest Rates Fall

More Utahns applied for mortgage loans this week, according to the Mortgage Bankers Association, in response to a three-week trend of falling interest rates. The MBA's mortgage application volume index rose 2% from the week before but is still down 19% from one year ago. Refinance loan requests made a big jump, climbing 6% while home purchase applications only increased by 1% in the latest week.   Get a Rate Quote Get Quote

January 3rd, 2019 | Mortgage News, Mortgage Applications Rise as Interest Rates Fall

Bonds Partying Like it's 2019

The financial markets had plenty to cheer about this week. On Wednesday, Stocks rallied a stunning 1,000+ points, enjoying their best one-day gain in history and then rallied over 800 points higher intraday on Thursday, erasing a huge midday loss. All in all, a great and welcome week in what was otherwise a miserable December for Stocks. Typically, higher stock prices mean higher mortgage rates but that wasn't the case this holiday week. Yes, Bonds moved slightly lower and home loan rates slightly higher, in Utah, in response to the swift Stock rally, but rates ended the week and h...

December 28th, 2018 | Mortgage News, Bonds Partying Like it's 2019

Federal Reserve Hikes Federal Funds Rate

"Hut One, Hut Two... HIKE!"  It was all about the Fed this past week. On Wednesday, they "hiked" the Fed Funds Rate by 25 basis points (0.25 percent). That rate affects short-term loans like auto and credit cards - what it doesn't affect are home loan rates. Home loan rates actually improved to the best levels since April. Why? The Fed Statement suggested that inflation is moderating and remains beneath the Fed's target of two percent year over year. If Inflation remains low, long term rates - like mortgages, will also remain relatively low. Also...

December 22nd, 2018 | Mortgage News, Federal Reserve Hikes Federal Funds Rate

Existing Home Sales Increase in December

The National Association of REALTORS® (NAR) reports that Existing Home sales in November rose 1.9 percent from October to an annual rate of 5.32 million units versus the 5.20 million expected. Gains were seen in the Northeast, Midwest and South with losses in the West. Existing Home Sales include transactions on single-family homes, townhomes, condominiums and co-ops. Sales were down 7 percent from November 2017. Inventories of homes for sale on the market is at 3.9 months, up from 3.5 a year ago. Lawrence Yun, NAR's chief economist, says two consecutive months of increases is a w...

December 19th, 2018 | Mortgage News, Existing Home Sales Increase in December

Mortgage Rates Fall to 3-Month Low

Interest rates on long-term U.S. mortgage loans fell to their lowest level in three months last week, according to data from Freddie Mac. During the week ended December 13, the average rate on a 30-year fixed-rate mortgage dropped to 4.63% with an average 0.5 point, down from 4.75% the previous week. One year ago, it was lower still at 3.93%. Rates have fallen for the past month as investors, nervous about foreign economies, have turned to the safety of bonds.   Ready to Refinance Your House? Get Started

December 18th, 2018 | Mortgage News, Mortgage Rates Fall to 3-Month Low

FHA Increases 2019 Loan Limits in Utah

The Federal Housing Administration announced that nearly every area of the U.S. will see 2019 FHA loan limits increase, including counties throughout Utah. The new loan limits will take effect for FHA case numbers assigned on or after Jan. 1, 2019. FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area (MSA) and county. In high-...

December 16th, 2018 | Mortgage News, FHA Increases 2019 Loan Limits in Utah