Hello Friends, Since the last update, mortgage rates for con form ing, singleunit, residential properties continued to be at the lowest levels I have ever seen with most of my borrowers being able to lock and close a 30year fixed rate at 3% APR with minimum closing costs. This rate environment primarily exists for no cash out, first mortgage refinances where the property type is a singleunit, residential property and the loan amount is under the standard conforming loan limit of $510,400. Mortgage rates currently exist below 3% APR for 30, 25, 20, 15, and 10year fixed mortgage products for mortgages that fit into this narrow window. 15-year fixed has fallen to 2.5% APR, in some cases, with simple interest rates even lower than that, as low as 2%!
We are starting to see some easing in mortgage rates for high balance conforming loan amounts between $510,400 and $765,600 depending on the county your property is located in. 30-year fixed rates for no cash out, first-mortgage refinances where the property type is a singleunit, residential property are also close to 3.125% APR now with 15-year fixed around 2.625% APR. This is the lowest I have ever seen for this loan category. Getting these rates requires high credit scores and good equity position in the property. Higher loan-to-value (LTV) mortgages in this category will see rates rise above those mentioned above, but are still at a very low level. Check with me if you want to see if your loan qualifies for these rates at the higher loan amounts.
Jumbo lending, non-conforming loan amounts that don’t fall within either the standard conforming or the high balance conforming loan amounts is slowly coming back to market for our channel, the broker channel. This is a gradual opening of that market that requires a bit of
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I am still working 16+ hour days for over 20 weeks straight to try and keep up with the historic level of demand. We are still closing We are still refinances in 22-45 days, depend- ing on the complexity of the closing refinances deal and the lender we end up in 22-45 days, going with. Purchase transactions depending on the are taking priority and I am still complexity of the closing in 15 days on purchases, deal and the lender which is what it takes in the we end up going
Bay Area where I am physically with. located. This run could go until the end of 2021. Hopefully I can make it that long without much of a break. I have had one day off in the last 20+ weeks, but with Covid-19 not going anywhere I will just keep helping as many people get through this refinance and purchase market as I can.
My pipeline of refinances is closing more smoothly now, but as I close refinances, more are piling on. I closed 22 deals in May to match my previous record from back in
2016 when we had our last huge refinance run from June 2016 – October 2016. Those 22 loans, closed in May of this year, made me the #2 Producer out of 900 agents companywide. I then closed over 40 loans in June of this year to obliterate my previous record. Rankings haven’t been released yet for June, but I am hoping to make Top Producer for June, thanks to all your support. This run on rates has been going for 7 months and running. The last time we had a run this long was in 2012 for 13 months straight. This one could go even longer.
Thank you again for your continued patronage, support, and patience during this historic time. Wishing you and your loved ones good health in these stressful times.