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MBS RECAP: Stocks and Bonds Riding Same Train For Mostly Different Reasons
by Matthew Graham on March 22, 2018 at 9:38 pm
Posted To: MBS CommentaryToday was simple and straightforward in one sense. Stocks and bond yields (rates) were both moving lower, and that's something the two have been known to do when investors are moving away from "risk." But the underlying reasons for the move lower only overlapped a little bit. This was evident in the morning hours when each took turns leading the way while the other held still, and again in the afternoon hours when stocks did a full swan dive while bonds had second thoughts. Or to go back to the train analogy, bonds disembarked earlier in the afternoon. Bonds drew inspiration initially from follow-through to yesterday's FOMC reaction--specifically, the reaction to Powell's dovish press conference. Weaker economic data in Europe also helped fuel bond buying demand. Finally...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. […]
Mortgage Rates Back at This Week's Lows
by Matthew Graham on March 22, 2018 at 9:04 pm
Posted To: Mortgage Rate WatchMortgage rates continued lower today on a combination of global reaction to yesterday's Fed Announcement and apprehension over new tariffs on China. The Fed Announcement was positive due to Jerome Powell's press conference--an event that happens late enough in the day that overseas markets don't really have a chance to react. Because of that, domestic markets sometimes hold back a little until they can feel out the global reaction. In other words, rates were pretty sure they were headed even lower yesterday afternoon, but they wanted to see how the rest of the world felt about it. Turns out, everyone felt pretty good about it, thus delivering the first ingredient in today's improvement. The tariff and "trade war" narrative was the 2nd ingredient, but it was a bigger deal for stocks, which ultimately...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. […]
Black Knight: Prepayments are Falling, Hurricane Effect Lingers
by Jann Swanson on March 22, 2018 at 2:51 pm
Posted To: MND NewsWireAs interest rates rise and refinancing declines, the impact is beginning to manifest in the loan prepayment rate . The single month mortality rate (SSM) followed a 15 percent decline in January with another 9 percent loss in February. Black Knight says, in its "first look" at February loan performance data, that the SSM during the month was 0.72 percent, the lowest since 2014. After dropping sharply in the prior month, improvement in the national delinquency rate slowed in February. Black Knight said there was only a 0.21 percent month-over-month decline in the rate of loans 30 or more days past due, but not in foreclosure. Those delinquencies declined by 4,000 to 2.198 million, 4.30 percent of all active mortgages. Delinquencies were up on an annual basis , rising by 2.10 percent or 63,000...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. […]
Ignoring Trend, Home Prices Surged in January
by Jann Swanson on March 22, 2018 at 2:07 pm
Posted To: MND NewsWireHome prices took a big leap in January , at least according to the Federal Housing Finance Agency's (FHFA's) seasonally adjusted House Price Index (HPI). The 0.8 percent increase from December was the largest since last February and reversed what had been a gradual and uneven decline. The November to December 2017 change, originally reported as an 0.3 percent gain, was revised to 0.4 percent. On a year-over-year basis the HPI was up 7.3 percent, compared to 6.7 percent in December. It was the largest increase since at least January 2016. Among the nine census divisions. the largest increases were posted in the New England and Pacific divisions, each up 1.2 percent month-over-month. The sole decline was in the West South Central division (Oklahoma, Arkansas, Texas, Louisiana) where prices fell...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. […]
"Significant" Reduction in Closing Times - Ellie Mae
by Jann Swanson on March 22, 2018 at 1:27 pm
Posted To: MND NewsWireThe 5-point surge in the share of refinancing loans that closed in January didn't survive the month. Ellie Mae's Origination Insight Report shows that share dropped from 45 percent to 43 percent in February. Refinancing lost market share for both VA and conventional loans but held steady at an already low 28 percent of FHA mortgages. Purchase loans grew their share 2 percentage points, rising to 57 percent. "As expected, we are seeing the percentage of refinances taper back off to the projected industry levels," said Jonathan Corr, president and CEO of Ellie Mae. "And with interest rates on the rise, we're seeing the purchase market begin to gain some momentum. We know that the shift to a purchase market will drive the shortened time to close and we will watch to see if the trend continues...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. […]