LIME REALTY GROUP is keeping a close eye on the mortgage rate for you and letting you know how it’s progressing.
It looks like the rate is continuing to climb at a slow but steady pace. Right now, the rate for a 30 year fixed is at 4.63%. This seems like a sad development but it’s also a sorta annoying trend. The rate reflects human behavior in the market because the types of economic forces that affect it most are things like the bond market, etc. etc. Even though a drastic event of any kind on Wall Street can have a huge impact.
When the rate moves slowly in either direction that indicates a stagnant or slow economy and it stayed like this through most of the recession. It’s only recently that we’ve seen strong movement indicating the economy was moving aggressively in any direction. However, over the summer months, it’s slowed and sorta stalled for a bit.
That means economic growth in the US also stalled over the summer. And that’s not great news for the country. Of course, Southern Utah continues to build at a fast pace and with construction being a huge economy here and one that drives our markets, it doesn’t necessarily mean we’re in for a rough time.