Ride the Rates
Shopping for the best interest rate? Now is a great time. Rates are still historically low. The real question isn’t if you should refinance, it’s when!
Will mortgage rates decline again? – The Federal Reserve dropped their rate from 2.25% to just a quarter point (.25%) on March 15th, 2020. A 30-year fixed, conventional mortgage pre-COVID19 ranged 3.5% to 4.0%. At those margins, lenders should be offering 30-year rates today at 1.5% to 2.0%. FHA and VA 30-year rates are already as low as 2.25%.
The Federal Reserve additionally announced they would not increase their rate prior to 2023. They later stated, that they had no plans to raise their rate until the economy was showing a 2% or greater inflation rate. Experts are mixed on whether mortgage rates will again fall.
You can compare several lenders and lock at today’s best rate,
or “Ride the Rates” and lock when the industry’s rates are down.
Shop smart not hard! Shop the industry, not individual lenders.
Receive daily rate updates, similar to the one below, showing rates from February of 2020 until today. Email us at email@example.com
NOTE: If you are new to this list, your rate will likely be different. If you have done an application and sent initial documents, you are able to lock a rate with us. Have us price your loan so you can see how your scenario differs from the generic one below. These rates are just a guideline so you can see how overall mortgage rates are changing and to know when to price and lock your loan.
Note: This is a test scenario for comparison of daily rate trends only. Not an offer to lend. Contact us for an accurate rate quote. Your pricing will likely be different. Higher FICOs, Lower LTVs and DTIs will likely give you better rates than posted.
Inflation vs. the Federal Reserve’s Interest Rate
The inflation rate has been above the 2% threshold the Federal Reserve set for 6 months. It must remain above 2% for an entire year before they increase their rate. If held to this, we likely have 6 more months, if levels stay above 2%, before the Fed could potential raise their rate. Last few years below: Next Update – 10/15/2021
Our objective is to offer the best possible rate by closely monitoring market fluctuations. Cash out, jumbo, IO ARMs, HELOCs, HECM (reverse mortgage) and stated income programs are available. Their cost and requirements continue to decrease and availability increases with the volume reduction of standard Rate/Term refinances. A good reason to “ride the rates”, if your loan falls into one of those categories.
Ready to start? Fill out an application on our secure website or speak with one of our agents. Our website also offers an easy, secure way to send documents.