I’m sharing the latest news from the mortgage world.
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These days, everyone is asking what’s going on with mortgage rates. You may have heard recently about '0% money.' Sadly, that doesn’t mean you can buy a home with a 0% mortgage rate. This 0% rate you’ve heard about is actually a short-term loan where banks loan each other money, usually on a 24-hour basis.
The 10-year Treasury notes are more in line with where interest rates will be for the rest of us. Interest rates are extremely low. Currently, 15-year rates are as low as 2.5% to 2.75%, and 30-year rates are around 3% to 3.5%.
I spoke to a mortgage broker a few days ago who said they were locking in so many refinancing deals that the investors called and stopped it. He said the rates were so low at the time that they were getting 2.25% for 15-year loans and 2.75% for 30-year loans. The investors said they couldn’t continue giving rates that low to so many people.
Over the last few weeks, it’s been a bit more difficult to qualify for loans because of the uncertainty in the market. I talked to a lender a couple of days ago who said as soon as the economy starts opening back up and the government lifts restrictions, the higher credit score requirements will decrease; so it’ll be easier to qualify again.
If you’re looking to buy a house or want to know what your current property is worth, links on our website make it easy. If you have questions about mortgage rates or real estate, please reach out via phone or email. We would love to help you.
