Blog

Mortgage Rates & Economic Updates

By Ramon Gomez, Jr.
Jul 15, 2020

This week we will start our blog with the current conforming and jumbo mortgage rates for Utah as shared by Josh Mettle followed by the golfing options in Park City and few ideas for freshening up your home's curb appeal.

The Conforming rates are based on a $300 loan amount and 65% loan to value and the Jumbo rates are based on a $1,000,000 loan amount with a $1,250,000 purchase price.

Loan Type Interest Rate APR    
30-yr fixed Conforming 3.25% 3.378%
15-yr fixed Conforming 2.75% 2.981%
 
Loan Type Interest Rate APR    
7/1 ARM Jumbo 3.00% 3.096%
30-yr fixed Jumbo 3.125% 3.219%
15-yr fixed Jumbo 2.875% 3.045%
In more home news - CoreLogic released home appreciation figures for May, showing that prices rose 0.7% from April to May and 4.8% when compared to May of last year and inflation continues to remain tame. At the wholesale level, the Producer Price Index was down 0.2% in June after rebounding in May, coming in much lower than expectations.

CoreLogic also noted that a lot of the demand was pent up from spring to summer with elevated unemployment, and that purchase activity and home prices could fall off once summer ends. It remains to be seen if this latest forecast will prove true, or if the surge in sales and appreciation levels off less steeply, which could still allow for home price gains over the next year.

Now for golf - there is no shortage of golf courses in the Park City area to enjoy. The Park Record has put together a list of all the local golf courses - from public and municipal courses to private clubs there is something for everyone.

Park City Golf Club (public) 1541 Thaynes Canyon Drive, Park City 435-615-5800 18 holes, par 72 $24-$70 This scenic municipal course offers lessons, leagues and a pro shop. Reservations can be made seven days in advance.

Canyons Golf Course (public) 3636 Willow Draw, Park City 435-615-4728 18 holes, par 70 $30-$150 This course features more than 550 feet of elevation change, including 270 feet on Hole 10 from tee to green. Group and individual lessons available.

The Outlaw Golf Club (public) 990 Longview Drive, Hideout 435-901-4227 9 holes, par 30 Located in the eastern foothills of the Jordanelle Reservoir, at the Outlaw, players can enjoy views of the glistening waters of the Jordanelle and the towering mountain peaks.

Soldier Hollow Golf Course (public) 1370 Soldier Hollow Drive, Midway 435-654-7442 Silver Course: 18 holes, par 72 Gold Course: 18 holes, par 72 $40- $50 Silver is the tamer of the two courses, slightly shorter with wider fairways, while the Gold has narrower, more undulating fairways, tee shots requiring longer carry and trickier greens.

Wasatch Mountain Golf Course (public) 975 West Golf Course Drive, Midway 435-654-0532 Lake Course: 18 holes, par 72 Mountain Course: 18 holes, par 71 $45-$50 Wasatch Mountain’s two courses offer serious variety, from the Lake’s gentle terrain to the Mountain’s dramatic elevation changes and potential wildlife sightings.

Mountain Dell Golf Course (public) Interstate 80, Exit 134 in Parleys Canyon 801-582-3812 Lake Course: 18 holes, par 71 Canyon Course: 18 holes, par 72 $13- $58 This Salt Lake City-run municipal course offers a variety of affordable amenities, from lessons to play-until-sunset twilight rates.

Jeremy Ranch Golf & Country Club (private) 8770 Jeremy Ranch Road, Park City 801-531-9000 18 holes, par 72 Membership required Nestled in Upper East Canyon of the Wasatch Mountains, Jeremy Ranch is the only Arnold Palmer Signature Course in Utah.

Park Meadows Country Club (private) 2000 Meadows Drive, Park City 435-649-2460 18 holes, par 72 Membership required This Jack Nicklaus Signature course has been called one of the best courses in Utah and Park Record readers have selected its Hole 15 as the best in Park City multiple times.

Glenwild Golf Club (private) 7600 Glenwild Dr., Park City 435-615-9966 18 holes, par 71 Membership required This course features a meandering creek with a series of lakes and shot values that enhance its playability and scenic appeal.

Promontory (limited public availability) 8758 N Promontory Ranch Road, Park City 888-458-6600 Pete Dye Canyon Course: 18 holes, par 72 Nicholas Painted Valley Golf Course: 18 holes, par 72 Limited open play at Pete Dye Canyon Course, $100-$250 Membership required at Nicholas Painted Valley Golf Course Dye Canyon rewards accuracy and takes dramatic advantage of the rugged terrain, while the links-style Painted Valley rewards the ability to hit the ball an incredible distance.

Talisker Club, Talisker Tuhaye Course (private) 9875 N. Tuhaye Park Drive, Kamas 866-253-8538 18 holes, par 72 Membership required Tuhaye is set against spectacular long-range views of Mount Timpanogos, Deer Valley’s ski runs and the shimmering waters of the Jordanelle Reservoir.

Victory Ranch (private) 7474 Victory Club Drive, Kamas 435-785-5030 18 holes, par 72 Membership required The course features 400 feet of elevation change but of all the vistas on the course, the 360-degree panoramic view from the championship tee box on the 17th hole is the real jewel.

Red Ledges Golf Course (private) 205 Red Ledges Blvd., Heber City 877-733-5334 18 holes, par 72 Membership required In addition to the 18-hole Jack Nicklaus Signature Course, Red Ledges boasts a family-friendly 12-hole Golf Park, with optional oversized cups and a layout that encourages bounces toward the hole.

We will wrap up this week's blog with 3 Tips to Glam Up Your Curb Appeal from Realtor Magazine. Curb appeal is even more important as more home buyers shop for homes from a distance and narrow the lists of which homes they want to view in-person. Here are some of their ideas to boost your curb appeal:

Pay attention to the driveway and walkways. You can take steps to make even concrete look good. After all, the driveway and walkways are what lead the eye toward a home’s front door. Any cracks or weeds popping up can present an eyesore. Patch the concrete with caulk and finish a concrete driveway and walkway with a clear, glossy sealer.

Fix up the garage. The garage is often an after-thought but it takes up a big portion of a home’s curb appeal, try painting the garage doors the same color as the home’s trim. Garage doors with a row of windows filter in more light and make it feel part of a home. Garage window kits are available for many models. You can swap out existing panels and add glass inserts.

Paint the front door. Peeling paint or rusty hardware on the front door isn’t very welcoming to a potential home buyer. If you’re going to spend money on one thing to add curb appeal, make it a new door. Front doors with glass inserts can help create a more welcoming space. But for homeowners looking to save, a fresh coat of paint may suffice.

Tags: Park City, Golf, Utah, Homes, Mortgage, Loans
Posted in Social Network, Real Estate Stats, Things To Do in Park City, For Sale | 0 Responses to "Mortgage Rates & Economic Updates"

Home Mortgages

By Ramon Gomez, Jr.
May 26, 2020

This week we are reviewing mortgage applications, remodeling regrets and 5 Spectacular Road Rides in and around Park City.

Buyers are reemerging in the housing market much faster than anticipated and Realtor Magazine shares that Mortgage Applications Continue Surprising Rebound. Mortgage applications are often an indicator of future home buying activity, and applications for home purchases have increased for five consecutive weeks. After increasing 6% last week compared to the previous week, applications for home purchases are now just 1.5% lower than a year ago, the Mortgage Bankers Association’s seasonally adjusted index shows. The rebound is significant considering purchase volume was down 35% annually just six weeks ago as the U.S. ramped up its battle against the COVID-19 pandemic.

Record low mortgage rates and strong pent-up demand are bringing home buyers back to the market as states begin to reopen. The average contract interest rate for the 30-year fixed-rate mortgage decreased from 3.43% to 3.41% last week (with 0.33 points on the loan). Refinance applications, meanwhile, are falling. Applications for refinancings dropped 6% last week and reached the lowest level in activity in more than a month. However, refinance applications are still 160% higher than a year ago as homeowners continue to lock in lower rates.

Realtor Magazine has another great article in Homeowners’ 5 Biggest Remodeling Regrets. Remodeling any aspect of a home can be a big job and a lot can go wrong when owners aren’t adequately prepared. Houzz, a home remodeling website, asked a panel of renovating experts the most common remodeling blunders they see. Here are a few of their responses.

Not budgeting properly. Underestimating the costs of a project can be a dire mistake that could leave homeowners either with an unfinished property or having to incur a financial loss. Have a detailed budget so you don’t run out of money. Remodeling experts advise always including a 10% to 20% buffer in the budget for any unexpected costs when tackling a remodel.

Assuming DIY will save you money. Remodeling experts call it the “DIY trap,” and rookie remodelers are especially prone to it. It’s not always cheaper to do a project yourself. It may not look right and could take triple the amount of time to complete than if you would have just hired a pro. “Limit your DIY tasks to things such as painting and simple landscaping jobs, and dedicate your time to project managing the renovation,” experts told Houzz.

Selecting the cheapest contractor. Another common pitfall is to go with the cheapest quote from a contractor. You don’t want to have to redo poor work. Don’t just focus on the affordability of a contractor’s quote but evaluate fully what it specifies, experts recommend. Gather quotes from at least three contractors and compare them in detail. Also, evaluate the quality of their work through project photos and professional recommendations.

Failing to describe what you want accurately. Know exactly what you want before you start and use the right words to describe it. Create idea books; search online for ideas online or in magazines; and have a specific list of layouts and finishes you desire. Become familiar with the proper terminology of those looks and finishes so you communicate them correctly to the pros, the experts recommend.

Not researching the material options. In the same regard, choosing materials often requires some homework. Builders or contractors may fall back on the same materials they always use, but that doesn’t always mean those are right for the project. “Spend time researching the various materials options available—including looks, price, pros and cons, sustainability, durability, and which ones are best suited to your location, and take this information to your builder,” Houzz notes. “Armed with this knowledge, you can decide together the most suitable materials and finishes for your project.”

View more common remodeling mistakes at Houzz.com.

Thinking about a bike ride, the team at Park City Magazine have a new article that we wanted to share - Biking Guide: 5 Spectacular Road Rides in and around Park City.

Empire (a.k.a. Guardsman) Loop - Length: 35 miles - Start on Kearns Blvd (Hwy 248), heading east toward Kamas. Take in some jaw-to-the-floor views—and steep uphill—with this heart-pumping, grueling ride. Head out of town on Highway 248 toward pastoral Kamas, approximately 14 miles. Roll past some pastures, and turn right onto Lambert Lane, then right onto Hill Top Road, then right onto SR 32, which turns into River Road after crossing Hwy 40 (look for fly-fishermen as you near the Provo banks). Then, turn right onto Pine Canyon Road and dig in for a serious climb, skirting Wasatch Mountain State Park and up to Guardsman Pass. When the road comes to a T above Midway, take a right and ascend to the summit overlooking Deer Valley Resort’s chutes, the state park, and beyond. Take a breath in the thin air (well above 9,000 feet at this point) and then start the fun descent down Hwy 224 (Marsac Avenue), either continuing to Old Town via the fast mine road or taking Wheaton’s Way connector (on the right, just before the old silver mine) to switchback down Royal Street and return to Old Town via Deer Valley Drive.

Brown’s Canyon Loop - Length: 30 miles - Start on Kearns Boulevard (Hwy 248), heading east toward Kamas. Roll into rural Summit County as you hop off of Highway 248 onto North Democrat Alley (2000 W) via a left turn, a quieter cruise (i.e., virtually no traffic). You will encounter a small section where asphalt gives way to some packed road base, but the majority is hard surface with more cows and horses than vehicles along the way. Turn left onto Wooden Shoe Lane into Peoa (keep an ear out for a concert in the park), which turns into SR 32. Turn left up Brown’s Canyon and pop back onto busy Highway 248 for the return to the “big” city.

Old Ranch Road/Home Depot Loop - Length: 15–16 miles, depending on route. From Old Town, head north on Highway 224 and turn right onto Old Ranch Road, shortly after passing the Canyons base of Park City Mountain. Quick with relatively limited elevation gain, this close-to-town loop is perfect for getting acquainted with the local landscape. Weave through Old Ranch Road—past neighborhoods, alfalfa pastures, and horse property—turn right at the frontage road (Highland Drive), and then turn left to cross over Highway 40. Take a right in front of Home Depot on the frontage road back to the intersection with Highway 248, and turn right to head back into town. Or, get away from vehicular traffic and do not hop over Highway 40, instead taking Highland Drive to the paved Silver Quinn’s Trail. Continue on the trail system past the Park City Ice Arena and under Highway 248, and turn right onto the Rail Trail—thereby staying on trails rather than heavily traveled road back into town.

Weber Canyon (out and back) - Length: 60 miles or more, depending on how far out one rolls. Start on Highway 248 and take Brown’s Canyon to Wooden Shoe Lane, which turns into Rob Young Ln (W 3700 N). Then, turn left on SR 32 and continue straight through on N New Lane, and turn right on Weber Canyon. This tree-lined country ride leads to Smith and Morehouse Reservoir, part of the Uinta-Wasatch-Cache National Forest land, which means the occasional camper may overtake a Weber Canyon–bound cyclist. But for the most part, this is peaceful pedaling. Once you arrive at the Smith and Morehouse turnoff, the rest of the ride is hard-packed gravel.

Wolf Creek Pass (out and back) - Length: 80-ish miles. Park at the South Summit Aquatic Center in Kamas (or ride there via Highway 248 and SR 32 through Kamas for extra miles). Think sunflower-strewn meadows and backside views of the Uinta-Wasatch-Cache National Forest. Start this adventure on Lower River Road to Woodland, then take a right at the red church onto Bench Creek Road, and continue onto SR 35 to Wolf Creek Pass. Crank those pedals a total of 50 miles to Hanna, or keep going. The road is paved all the way to Duchesne, 30 miles farther.

Before you go - Mountain weather is changeable, so layer up. Take altitude into consideration; don’t be afraid to stop for your oxygen-depleted lungs’ sake or to make way for a moose, and bring plenty of water and snacks to avoid bonking. Grab a Mountain Trails Foundation (mountaintrails.org) map, available at most sports retailers and coffee shops (or online) to plot your route, or download Trailforks or MTB Project apps for real-time GPS guidance. And consider purchasing a copy of Park City’s Prime Cuts 3, the newest edition of the go-to trail guidebook by longtime local riders Paul Boyle, Mark Fischer, and Charlie Sturgis (available at local retailers).

Special thanks to Scott House of White Pine Touring, Charlie Sturgis of Mountain Trails Foundation, Ben Liegert of Snyderville Basin Recreation, Todd Henneman of Storm Cycles, and Chris Erkkila of Deer Valley Resort for sharing trail- and road-riding expertise.

Tags: Sales, Utah, Home, Bike, Remodel, Mortgage
Posted in Uncategorized | 0 Responses to "Home Mortgages"

 
 
Existing user sign in: 
Forgot Password?