This Article Is About Mortgage Rates Are Still At Historic Lows On Purchase And Refinance:
The Dow Jones Industrials have dropped as low as 18,000 during volatile trading from February 2020’s high of 29,000 due to the coronavirus pandemic. The pandemic caused over 43 million Americans out of work. Now the Dow Jones is over 35,000 due to investors being optimistic about the future of the U.S. economy. The housing market is booming despite the historic high unemployment rate and the COVID-19 pandemic.
The Dow has been dropping three digits daily during the coronavirus pandemic. There was no stability insight with all of the turmoil, political and economic, going on internationally and in the United States. Falling mortgage rates will spark refinances.
Mortgage rates hit an all-time year low of 2.96% on a 30-year fixed-rate mortgage last Friday. Rates are at historic lows. Inflation is on the horizon which means rates are headed up.
This holds true even further due to the massive turmoil and uncertainty and weak economic growth both in the United States and Europe.
Mortgage Rates Are Still At Historic Lows Since 2013
Mortgage rates in all mortgage loan products have hit the lowest levels since June of 2013.
Most mortgage lenders were offering mortgage rates as low as 2,96% on 30-year fixed-rate conforming mortgage loans. There were a few mortgage lenders offering 30 year fixed rate mortgage loans at a rate of 2.875% on conforming mortgage loans. Mortgage rates are expected to decline further in the coming days and coming weeks.
The Dow Jones Industrials seem extremely confused. The markets cannot decide on which direction to go. The Dow Jones Industrials keep on increasing although millions of Americans are still unemployed.
Refinance Mortgage Loan Applications Expected To Sky Rocket Due To Mortgage Rates Are Still At Historic Lows
Due to the sharp drop in mortgage rates, refinance mortgage loan applications are expected to skyrocket.
Millions of homeowners who were on stand-by last year to refinance their mortgage loans had to pull out of their refinance mortgage loan applications due to the sharp increase in mortgage rates. Due to the unexpected jump of almost 1.0% in mortgage rates in a period of a few weeks, many of those homeowners could not go ahead with their refinance mortgage loans.
But are we now seeing a second chance to refinance their mortgages finally after today’s sudden unexpected drop in mortgage rates? Mortgage companies throughout the country sent email blasts to all of their mortgage loan officers multiple times today about the sudden mortgage rate drop. Lenders instructed all of their mortgage loan originators to notify their mortgage clients immediately to make them aware of this record-breaking sudden drop in mortgage rates.
Mortgage Rates Are Still At Historic Lows Pushing California Homeowners To Refinance
California homeowners may not realize that their property values have been appreciating double digits every year for the past few years.
California homeowners who currently have FHA loans in the 4.0% range should explore the option to refinance their FHA loans into conventional loans and wipe out the high FHA mortgage insurance premium. Many California homeowners are clueless that their property values have appreciated dramatically.
One California homeowner who purchased his home just over a year ago with a 3.5% down payment just over a year ago did not realize that his home value appreciated over 20% in just over a year in Orange County, California.
The Irvine, California homeowner can now refinance their 4.00% FHA loan into a conventional 30-year fixed-rate mortgage with a rate of under 3.0% on a 30-year fixed-rate conforming loan with no mortgage insurance.
Qualifying For A Mortgage With A Lender With No Lender Overlays
Gustan Cho Associates Mortgage Group is a five-star mortgage company licensed in multiple states with no lender overlays on government and conventional loans. Over 75% of our borrowers could not qualify at other lenders due to their lender overlays. To qualify for a mortgage with a lender with no lender overlays, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. Our team at Gustan Cho Associates can get our borrowers the best mortgage rates and terms and see if we can save you thousands by taking advantage of today’s low mortgage rates. The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays.
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