Yesterday mortgage rates moved higher at the fastest pace in months. The recent Best Available Rate range of 3.875% and 4.00% has been demolished and could get even worse if certain dominoes fall. Yesterday, rates were up to 4.25% for the Best Available Rate - but today they have eased a bit to 4.125%. Check out Today's Rates on my Utah Mortgage Advisors website.

The reasons - hard to pin point but it could be the "perfect storm" of events including the Greek recently fully-approved second bailout, a more upbeat Fed announcement on the economy, stronger retail sales numbers, better than expected unemployment numbers and the general trading dynamics that left bond markets decidedly weaker.

What's next? Who knows? Rarely do we see this kind of volatility. Rates could either be on the verge of moving sharply higher, or they will soon correct back to the 4.00% Best Available Rate range. We will have to wait a few days to see if the forces at work will settle down or if this increase is the new reality. If you have been waiting to purchase or refinance I still don't think you are "missing out" on some epic opportunity. Rates are still in the scheme of things very low.

The Best Available Rate is generally considered for those with excellent credit (740 or above) and loan to value of 80% or below. Some lenders have even move the bar to 75% or above.

FHA loans also took a hit today as well. The Best Available Rate for an FHA loan was 3.750%. We are now looking at 4.00% for most borrowers.

Today's Best Available Rates in Utah

• 30 Year Fixed Conventional - 4.125% but with higher closing costs you can get 4.000%
• 30 Year Fixed FHA/VA - 3.875% with higher closing costs. 4.00% with no origination fee
• 15 Year Fixed - 3.500%

The Best Available Rates are generally for those borrowers with excellent credit (740 plus) and 80% loan to home value. Mortgage insurance applies to conventional loans over 80% loan to home value and for all FHA loans.

<p style="text-align: center;"><span style="color: #ff0000; text-align: center;">___________________________</span>

<p style="text-align: center;">I'm Linda Miller, a Smart Loan Lady and Your Preferred Utah Mortgage Advisor</p><p style="text-align: center;">Call me at 801.550.1222</p><p style="text-align: center;">www.UtahMortgageAdvisors.com</p><p style="text-align: center;">NMLS #39250</p><p style="text-align: center;">www.utahmortgageadvisors.com</p><p style="text-align: center;">Security National Mortgage Company 7651 Main Street, Suite 214 Midvale, UT 84047 NMLS #3116</p></p>