30yr Fixed Rates Lowest in Past Five Years
The Fed's (Federal Reserve) in late Nov 2008 announced they were launching a program to buy up to $500 BILLION ($600 B in total really) of securities backed by mortgages (essentially Fannie & Freddie guaranteed loans). As a result, I have watched 30 yr & 15 yr (long term money only...not ARM's..pricing is still way to inferior for all of our expectations) drop from around 6.00% in late October, to 4.50% - 4.875% depending on loan size, FICO score, LTV, etc.
If you currently owe less than $625,000 on your 1st (or even a combination of 1st & 2nd), the Fed's are extending the olive branch to a point right now that we have only seen since during an abbreviated period in '03 -- I'm sure some of you have have read, but mortgage rates have only been this low 2x's in the past 53 years -- TODAY & back in '03 (unreal that we have seen these extreme low's just in a 5 yr period).
There are some technicalities and nuances to qualifying. It's evident the Fed's are committed to lowering mortgage rates to stimulate not just housing, but a much bigger issue now...the economy. If you would like to assess and lock in "long term fixed" money at rates between 4.50% - 4.875% (principal & interest), please call me so we can work up your scenario. Lenders are getting flooded, so turn times are being compromised.
Other Points:
- Loans under $625,000 are currently around 4.875% (this is .625 in origination....approximates depending on individuals credit profile and equity in the house)
- Loans under $417,000 are currently around 4.50% - 4.625% (this is .625 in origination....approximates depending on individuals credit profile and equity in the house)
- I have some clients that are moving money to their HELOC to fall under the $625,000 limit or $417,000 to optimize and lock in the lion share of their money. This move depends on your personal situation -- we can review.
- This program is based on a minimum Debt to Income (DTI) of 45% with full documentation only
- Also available for 2nd homes & Investment property (although pricing is impacted accordingly but not much for 2nd homes and around 5.625% for non owner)
*******
If you would like to explore these opportunities, please take a moment to contact us using our confidential loan request form.
Best Regards,
Britt Miller
Vice President
Steelhead Capital
If you currently owe less than $625,000 on your 1st (or even a combination of 1st & 2nd), the Fed's are extending the olive branch to a point right now that we have only seen since during an abbreviated period in '03 -- I'm sure some of you have have read, but mortgage rates have only been this low 2x's in the past 53 years -- TODAY & back in '03 (unreal that we have seen these extreme low's just in a 5 yr period).
There are some technicalities and nuances to qualifying. It's evident the Fed's are committed to lowering mortgage rates to stimulate not just housing, but a much bigger issue now...the economy. If you would like to assess and lock in "long term fixed" money at rates between 4.50% - 4.875% (principal & interest), please call me so we can work up your scenario. Lenders are getting flooded, so turn times are being compromised.
Other Points:
- Loans under $625,000 are currently around 4.875% (this is .625 in origination....approximates depending on individuals credit profile and equity in the house)
- Loans under $417,000 are currently around 4.50% - 4.625% (this is .625 in origination....approximates depending on individuals credit profile and equity in the house)
- I have some clients that are moving money to their HELOC to fall under the $625,000 limit or $417,000 to optimize and lock in the lion share of their money. This move depends on your personal situation -- we can review.
- This program is based on a minimum Debt to Income (DTI) of 45% with full documentation only
- Also available for 2nd homes & Investment property (although pricing is impacted accordingly but not much for 2nd homes and around 5.625% for non owner)
*******
If you would like to explore these opportunities, please take a moment to contact us using our confidential loan request form.
Best Regards,
Britt Miller
Vice President
Steelhead Capital
Steelhead Residential Funding is a mortgage brokerage in California (CA Dept. of Real Estate - Real Estate Broker #01400712) and Hawaii (Dept of Commerce and Consumer Affairs #MB 1264). Information provided by you to Steelhead Residential Funding through this website shall not be considered an application for a mortgage loan. An Equal Housing Lender. Steelhead Residential Funding is an independent company under the guidance of Steelhead Capital, Inc. Purchase and financing advice are offered as part of the full service nature of the lending process, however neither Steelhead Capital or its affiliates are responsible for investment decisions. No guarantees are offered or implied to visitors of this website. Thank you for your interest in working with a professional mortgage broker from Steelhead Residential.