Nelson Barss

NMLS# 201517

Senior Loan Officer

Nelson Barss
Senior Loan Officer

NMLS# 201517
State Lic: UT # 5502102; ID # MLO-22280;
1810 East 3100 North
Layton, UT 84040
Branch: (801) 775-8875
Direct: (801) 923-2161

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Nelson is a 15 year veteran of the mortgage industry and has worked as a loan officer, sales manager, branch manager and trainer. Nelson has trained more than 50 loan officers and has been involved in over 1,000 loan closings.  Nelson also owned and operated Old Providence Mortgage Co. in Centerville, UT and managed a branch for a major national lender in South Ogden, UT before joining Academy Mortgage.  Joining forces with Academy has allowed Nelson to re-focus on what he loves - taking great care of his clients and real estate partners.

Prior to entering the mortgage industry, Nelson worked for 2 years as an NASD registered securities representative, and for 2 years as a credit and debt counselor. In those capacities, he helped clients avoid bankruptcy, pay off debt, manage their finances, and increase their credit score - skills which make him a valuable resource to his clients.

Nelson attended the University of Utah where he earned a BS in Organizational Communication in 2002, and Master of Business Administration in 2007.

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We loved working with Academy Mortgage. Nelson Barss told us lots of different options for our mortgage including the truth behind what other companies call no PMI loans. He came to our closing and rushed it through so we could get into our house the same day. He also came out to our house to have us go through papers and sign them. He was very prompt with his responses to texts and email. We would go with them again.Trent Adams

NMLS# 201517

State Lic: UT: 5502102; ID: MLO-22280;

Corp Lic: UT: 5491140-MLCO; ID: MBL-671;


Home Purchase Affordability Increases

Purchasing a home might become more affordable than renting real estate in the next three years, according to a report released by Capital Economics, an economic research consultancy headquartered in London. Rent is predicted to rise. As the U.S. economy improves, renting real estate becomes pricier and less attainable for first-time homebuyers and individuals with a lower income. Capital Economics predicts that the annual average rate will rise 5% or more over the next few years. The improving employment rate among Americans has also contributed to the rising cost of rent. In addition, millennials have had a tendency to rent, which increases the demand for leased property. In a survey taken by, 41% of property owners saw more millennials renting over the past year. The student loans that this generation has accumulated has made applying for a conventional mortgage more difficult. U.S. News and World Report also conveyed that many millennials are taking advantage of the amenities and accessibility to the city offered by apartments. These factors have driven more millennials to rent, consequently increasing demand and giving an opportunity for rental rates to steadily increase. Home affordability has improved. The down payment necessary to purchase a home keeps many potential homebuyers from moving forward with the process. Some lenders require as much as a 20 percent down payment to qualify for a U.S. home mortgage. Government-affiliated mortgage lenders like Freddie Mac have announced a new program that offers potential borrowers the opportunity to qualify for a mortgage with a down payment as low as 3% of the total value of a home. This opportunity is specifically designed to encourage the purchase of real estate by first-time homebuyers. Home affordability improves with the increased accessibility to mortgages and increased employment rate. Potential homebuyers are more confident moving forward with the purchase of a home when they have more job security. In addition, interest rates for mortgages are at historical lows, making homebuying more appealing than ever. However, the annual percentage rates affixed to mortgages are predicted to rise according to the source. While rent is forecasted to rise 5%, house price inflation is expected to fall to 4% over the next few years according to Capital Economics' findings. Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit to find a loan, get a rate, or calculate your payment today. ×

Mortgage rates altered by oil prices

The drastically dropping price of oil has led to low gas and energy costs. According to Nasdaq, an American stock exchange, crude oil is selling for less than $60 a barrel at the end of December. The effect of lower trading value impacts more than just the price paid at the pump. Less expensive oil has the potential to lower the prices throughout the entire U.S. economy.

Crude oil's impact on residential mortgage interest rates. The New York Times noted interest rates are especially sensitive to inflation. In mid-June, barrels sold for approximately $115, while current prices bounce around in the $60 range. The Times reported that Keith Gumbinger, vice president of a financial publisher, noted cheaper oil lowers the general cost of most products and services, which causes inflation to fall as well. Consequently, lower inflation may instigate a decrease in interest rates. 

Gumbinger also relayed that the length of time low oil prices will keep U.S. home mortgage rates low is questionable. 

How low are US mortgage rates? Freddie Mac showed an average interest rate of 3.83% for a 30-year fixed rate mortgage and 0.6 in fees and points during the last week of December. The typical 15-year FRM remained low at an average 3.10% interest rate and also displayed 0.6 in fees and points. 

Historically, mortgage rates have been much higher. In December 2007, just before the housing crisis in 2008, the average interest rate for a 30-year FRM sat at 6.10%.

In 2013, Forbes predicted that 2014 would bring about an interest rate of approximately 5.5%. The current mortgage rate is an intense contrast to this particular forecast. 

"The 30-year fixed mortgage rate dropped to its lowest point of 2014 this week," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Mortgage rates fell along with 10-year Treasury yields, which closed at their lowest level since May 2013."

A strengthening U.S. economy may bring up interest rates in the future, but as previously mentioned by Gumbinger, no one can be certain of what will rise and what will fall in the upcoming year. 

The Times called the link between dropping oil prices and lower mortgage rates cloudy and complicated, but economists predict that rates will remain low well into the next year 2015. 

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit to find a loan, get a rate, or calculate your payment today.


Predictions for the housing market in 2015

As the new year approaches, specific factors and trends may impact the market. Fortune indicates that new jobs, preferences of the new generation of homebuyers and population growth may control the 2015 housing market. In addition, changes to mortgage rates, home values and the number of housing starts and sales may determine how well the market performs in the upcoming year.

Millennials dictate the growth or decline of the market. Previously baby boomers were the largest generation to bolster the housing market. However, millennials are about to fill those shoes. The generation consists of those aged 18 to 34. The U.S. Census Bureau reported the presence of 73 million millennials in the U.S., which is the largest generation in three decades. 

Additionally, Fortune noted that this generation may look to purchase homes and begin their own families in the coming year. 

Jonathan Smoke, chief economist at, relayed that in the next five years, millennials will be responsible for two-thirds of all new households and believed 2015 will be the year that this generation's presence will impact the housing market. 

In addition, Smoke indicated that the improving economy and job market may directly impact this generation more than any other demographic in the nation. The job growth that millennials benefit from proves to be 60% better than the rest of the country, according to Smoke. The improvements seen in the economy prompt this young generation to move into new homes, begin planning for a family of their own and serve as a propelling force for the U.S. housing market in future years.

However, Fortune also indicated that millennials may continue to be more interested in purchasing and building homes in less affordable areas in the U.S. In addition, these preferred regions pose problems for the construction of new homes. 

Mortgage rates and home sales and starts predicted to increase in 2015. Despite failing forecasts of lower home loan rates this year, economists insist 2015 will have higher rates for U.S. home mortgages. Many of the economists Fortune polled forecasted an average 5% rate for 30-year fixed mortgages by the end of 2015. 

Freddie Mac forecasted a more conservative rate of 4.6%for a 30-year FRMs

Additionally, Freddie Mac expects a jump in home starts and sales in 2015. The company anticipated a 20% leap in housing starts and a 5% increase in total home sales in the upcoming year.

With regard to housing starts, Freddie Mac proposed that these will primarily consist of single-family homes and rental apartment space.

Home values forecasted to continue growing. In the Fortune poll, nearly all economists agreed on home values' continual rise but forecasted that this would take place at a far slower pace. The rebound after the housing market crisis in 2008 propelled the rapid acceleration seen in years previous. Now, economists predict that the rebound may be losing steam.

The increase in home value paired with rising mortgage rates might contribute to lower affordability.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit to find a loan, get a rate, or calculate your payment today.