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Historic Fed Rate drop cuts both ways for Borrowers...What about you?

by Jeremy Larkin

FIrst of all, I'm NOT a mortgage specialist, so what you get here is my best summary based on personal research. (meaning you might want to stop reading now if you really appreciate authoritative mortgage commentary!) On the heels of its surprise rate cut of .75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007.  In short, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly.

Who benefits from this cut?
I am LOVING this cut as a HELOC borrower! If you have a loan that is directly tied to the Prime Rate, you will see an immediate benefit. Home equity lines of credit (HELOCs) and variable rate charge cards are the types of loans that will have an interest rate reduction on their next statement.

What does this mean for long-term rates?
Long-term mortgage rates could actually increase after yesterday's cut, based on historical performance and recent trends. Wierd to some, I know, but it's just the way it is.

How does the economic stimulus package fit into the picture?
The economic stimulus package from Congress and the White House could be a double-edged sword for borrowers. Combined with recent Fed actions, the package could create inflation and bring about higher long-term interest rates.

On the positive side, conforming loan limits are likely to be raised from the current $417,000 to upwards of $625,000. This means great potential savings for purchase and refinance candidates who live in high-cost areas across the country.

The reality is that as always, "timing the market" is next to impossible, and if you want to know a little secret - some of the most savvy investors I know are on the lookout for purchases to hold long-term RIGHT NOW. As far as economic stimulus goes, I'm not seeing immediate improvements in the local market, so the jury is still out.

St. George Musical Theater Raises $165k in one Night?!?!?

by Jeremy Larkin

The plan of course, was to raise $50k, which was a noble goal in and of itselt. As a matter of fact I saw on the news this week that a University of Utah fundraiser put together something like $70-$80k, which is no small sum.

Can you imagine $165,000 big ones (including donations in kind) being raise for the St. George Musical Theater?....in one night!?!?!?! Well believe it, and I was pleased to witness it.  That is just plain HUGE!!

If you didn't make it, Dick Nourse "MC'd" the even, which headlined well-known Utah musicians such as Alex Boye and George Dyer.  Alot of wild opinons and commentary have been floating around about the theater for the past 2 years as they have contemplated their future in an effort to raise funds for their new location.  I am personally a huge fan, and as a Real Estate Professional, see ALOT of value in having community theater in our area. 

I challenge all reading this who are able to join the "give a grand" cause to get the Theater into a new home. CONTACT ME direct for more info or feel free to comment here!

Theater Info: http://www.sgmt.org/

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Photo of Jeremy Larkin - The Larkin Group Real Estate
Jeremy Larkin - The Larkin Group
Keller Williams Realty
50 E 100 S, Suite 300
St. George UT 84770
435.767.9886
Fax: 435-359-5085

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