So What Does a Interest Rate Cut Mean to You?
We now know now due the recent report released by Fed Chairman Powell, the Federal Reserve intends to drop the Federal Fund rate which will lower commercial lending rates (ie: the prime rate) in September if the economy continues to slow.
This will stimulate the economy by lowering the cost of commercial lending that businesses use to acquire property and pay for good and services.
This rate drop will take some time to trickle down to consumer rates that consist of mortgage and auto loans but knowing the Federal Reserve is pretty committed to doing a rate cut, is great news for consumers!
Consumers that will Benefit from the Rate Cut include:
1) Anyone Purchasing a Home.
2) Anyone looking to Refi property to Lower Payments & Consolidate Debt.
3) Anyone purchasing an Investment Property.
4) Anyone in need of Reverse Mortgage Financing.
5) Anyone in need of Construction Financing (Owner or Spec)
Some clients are not waiting to refi (if they can save money now) as they realize, the Federal Reserve Rate cut, could take several months to eventually affect consumer rates.
Currently Residential Rates are as Follows:
6.375% at 0 Points – 30yr Fixed Jumbo loan at $1.150M & above at 75% ltv (APR – 6.560%)
6.125% at 0 Points – 30yr Fixed Conforming loan at $766.1k > $1,149M at 75%ltv (APR – 6.319%)
6.000% at 0 Points – 30yr Fixed Conforming loan at $300k > $766k at 75% ltv (APR – 6.194%)
Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender. Above rates are for owner occupied property within the Bay Area.
For a customized quote or for anything financing related, please contact me.
Best Regards,
101 Loan
Senior Mortgage Advisor
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.
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