Rates Finally Go Lower!
It’s been over 20 months since interest rates started climbing as the Federal Reserve did everything to control inflation. This resulted in one of the worst lending climates for residential and commercial lending and real estate in the the last 30 years aside from the 2008 recession.
In January of 2023 we had over 200,000 licensed loan officers in the United States and in just 12 months, we lost almost half of that number due to rising interest rates and the lack of real estate and loan closings.
As a mortgage professional that provides Residential, Commercial, Reverse, Construction and Hard Money lending, I individually went from 10+ closings per month, to just a little over 2 closings per month which was dismal when compared to my past performance.
Per Barry Habib, an expert in the lending community, 2 closed loans or more was considered in the 99 percentile of loan officers in 2023. Most loan officers closed 1 per month or less in 2023 and some haven’t closed any loans in 2024.
Unfortunately this year hasn’t been much different or better. I know so many loan officers and realtors, that were forced to sell their homes or change careers. Thank god for savings and keeping your eye on the ball or I would have been in the same boat as so many others.
- 30 Year 6.125% at 1 Point (with an APR of 6.291)
- 30 Year 6.375% at 0 Points (with and APR of 6.569)
- 30 Year 6.625% at 0 Points/0 Fees (with and APR of 6.819)
Note: Above based on a 75% ltv or less with a mid fico score 780 or higher.
Conforming Rates…($1,149,825 or Less in Loan Amount)
- 30 Year 5.875% at 0 Points (with an APR of 6.069)
- 30 Year 6.125% at 0 Points / 0 Fees (with and APR of 6.394)
Note: Above based on a 75% ltv or less with a mid fico score 780 or higher.
If your like a customized quote, go here. Any questions, please contact me.
Best Regards,
101 Loan
Senior Mortgage Advisor
www.101Loan.com
650-465-8957 c hello@101loan.com
CA DRE #01205444 NMLS #326829
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070
Products/Services/Accolades:
- Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
- Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
- Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
- Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google and Linkedin.
- Over 30 years of lending experience with over $2b in closed loan volume.
Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.
istock
I Stock
istock
istock
