Two weeks after a positive report we get a set back
Interest Rates Take a Tick in the right direction end of January 2023
Interest Rates Update 11-11-2022 Finally some good news !
Interest Rates Update 8-1-22
Last week was an interesting week for interest rates because on Wednesday the Federal Reserve raised the federal funds rate by .75 basis points which would normally have a negative affect on our mortgage rates, but on Thursday and Friday, rates improved.
Interest rates Update 7-22-2022
July 2022 – Mortgage rates are still trending upwards. Here is a great video from our favorite lender describing today’s rates similar to the rates we had in 2008. But still most customers need a loan of some type to buy in today’s market.
June 2022 – Depending upon a lot of variables, a thirty year fixed was in the neighborhood of 5.25% last week and actually gained a little ground back.
If you are closing in the next three months, but haven't found a property yet, it is time to take Advantage of Lock & Shop
Lock & Shop will allow you to lock in an interest rate without even having a property address. It is up to the customer to pick the time frame but it can be 90, 120 or even 180 days. When it comes time that you find the property, we can look at the same lock period you picked in the beginning, and if pricing is better, they will give the lower rate.
Current Fiscal Policy will force Mortgage Rates to Rise
In the latter part of 2021 we saw a spike in inflation. Rising gas prices, supply shortages, international tariffs and all types of inflationary pressures.
Prices on real property have sky rocketed which is great for existing homeowners but this has become a challenge for future home buyers. To slow this process of home prices getting out of reach the government has adopted a policy of tempering it’s purchase of US government backed securities. From what I have been told they went from purchasing about 50 billion a month to about 5 billion a month. This process has caused mortgage rates to rise.
Please see our graph of target projections of what they set out to do and where the rate is today.
Two to three additional rate increase are expected in the next year and a half with the Federal Reserve hinting that the prime rate will be raised .25% very soon.
Jumbo Mortgages are Back Better than Ever
This is really good news. Jumbo mortgages are back with the largest wholesaler in the country. Customers still need to qualify but there are programs with as little as 3.5% down and the interest only feature is back.
Also for customers with lots of equity in their homes there is a good chance of an appraisal waiver which brings our processing time down to about two weeks.
Please feel free to give us a call to discuss your scenario (561) 329-0075
March 2021 Mortgage Rates on the Rise
In the beginning of March 2021 mortgage rates spiked due to optimism in the economy and thoughts about the stimulus plan.
This video discusses the factors that could make mortgage rates continue to slowly rise.
January 2021 - The Conforming loan limit for 2021 is $548,250
This means that customers who were once Jumbo customers back in say 2018, are now conforming customers with really low interest rates. If you check your statement and your balance you will huge savings.
November 2020 -The VA Interest rate Reduction Refinance Loan has the best interest rate in the country.
Conquer with Conquest - Interest Rates August 2020
Interest Rates May 2020
February 2020 - Mortgage Rates improve again
September Update - 2019 Interest Rates are at 33 month lows! This is good for refinancing and also makes purchasing more home for a lower payment easier.
Without getting into the mechanics of how interest rates change, we would like to point out that DHL Mortgage Inc has access to the best and largest wholesale lenders in the country. They have the best interest rates which allows us to broker them to you at the best prices.
By definition, (usually) wholesale rates are less than retail rates.
The large banks on the corner have to cover the brick and mortar of the location, we don’t. They have to pay a large staff, We don’t.
We have the ability to waive a fee. They don’t
Currently, our favorite source is giving an appraisal reimbursement on certain loan programs. That is a credit of up to $500 at closing.
When you apply with DHL Mortgage, your only up front expense is the 3rd party appraisal fee that most customers pay with a credit card.
All other fees and costs are collected at closing.
If you are in need of an estimate of your unique situation, please give us a call or send us an email.
Thank you,
DHL Mortgage – Your Trusted Mortgage Experts
DHL Mortgage Inc – NMLS #1696266
Preston Ware – NMLS # 216170
Interest Rates have Risen in 2022
As expected interest rates have been on the rise since the end of 2021. Our government has adjusted fiscal policy in an attempt to slow inflation and this effects mortgage customers.
Interest Rates have already jumped more than expected
In the latter part of 2021 we saw a spike in inflation. Rising gas prices, supply shortages, international tariffs and all types of inflationary pressures.
Prices on real property have sky rocketed which is great for existing homeowners but this has become a challenge for future home buyers. To slow this process of home prices getting out of reach the government has adopted a policy of tempering it’s purchase of US government backed securities. From what I have been told they went from purchasing about 50 billion a month to about 5 billion a month. This process has caused mortgage rates to rise.
The typical rate on a 30 year fixed has jumped from about 2.875% to about 3.875%. This will deter some buyers which should slow the demand for housing a little bit.
Two to three additional rate increase are expected in the next year and a half with the Federal Reserve hinting that the prime rate will be raised .25% very soon.
Interest Rates have Risen in 2022
As expected interest rates have been on the rise since the end of 2021. Our government has adjusted fiscal policy in an attempt to slow inflation and this effects mortgage customers.
Interest Rates have already jumped more than expected
In the latter part of 2021 we saw a spike in inflation. Rising gas prices, supply shortages, international tariffs and all types of inflationary pressures.
Prices on real property have sky rocketed which is great for existing homeowners but this has become a challenge for future home buyers. To slow this process of home prices getting out of reach the government has adopted a policy of tempering it’s purchase of US government backed securities. From what I have been told they went from purchasing about 50 billion a month to about 5 billion a month. This process has caused mortgage rates to rise.
The typical rate on a 30 year fixed has jumped from about 2.875% to about 3.875%. This will deter some buyers which should slow the demand for housing a little bit.
Two to three additional rate increase are expected in the next year and a half with the Federal Reserve hinting that the prime rate will be raised .25% very soon.