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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com



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

"It's a Tug of War, We Expected More"... Tug of War, Paul McCartney

Home loan rates bounced around this week, due to volatility in the U.S. Bond market, but went into the weekend still near three-month lows. There are push/pull items that continue to limit how low and high rates can go. Here is what home shoppers should know: Factors currently limiting how low rates can go: Tight U.S. labor market. Rising wages, fastest pace in a decade. Soaring business and consumer confidence. Solid economic growth. Tough technical barriers Factors currently limiting how high rates can go: Slowing economic conditions around the globe. Low glo...

December 14th, 2018 | Mortgage News, "It's a Tug of War, We Expected More"... Tug of War, Paul McCartney

Mortgage Lenders Loosen Credit

Mortgage credit was more readily available in November to borrowers, as lenders loosened their underwriting standards slightly, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability increase 1.1% from October to a reading of 188.8, the highest level since the housing crash. Lenders have been making more loan programs available to those with lower credit scores and higher loan-to-value ratios, in response to growing demand among first-time homebuyers, the MBA said.

December 11th, 2018 | Mortgage News, Mortgage Lenders Loosen Credit