July 2020 Mortgage Update

nguyener

Member
Mortgage rates have fallen to a new all-time low on June 12, 2020.
July could set the stage for such another drop, offering new all-time low rates.

Stocks will be pressured to move lower as new coronavirus cases spike in several states and the expected forecast of weaker global growth. Plus most of the big U.S. lenders ? Bank of America, Wells Fargo, Chase, and others ? have been artificially keeping rates high for these past 90 days, especially on refinance transactions. The reason is simply too much demand for refinances these past couple of months and most were under staff to handle their loan volumes. Lenders needed to slow the flow. Plus, new refinance applicants could refinance again in a few months as rates drop. This means banks and investors could lose money on these newly minted loans. Now that these banks and lenders have the staff in place to handle the volumes, they will begin to aggressively lower their rates which will help create mortgage rates to fall to a new all-time low in July. 

If you want to be ready to lock in your rates, then best to apply now and submit all the necessary documentation like pay stubs, W2s, and bank statements to your lender. When rates fall to a new all-time low, you will have the chance to lock in your loan since you will already have loan approval. Your loan file will be ready to close faster, and you?ll be ahead of the next wave of the refinancing rush.

You can get a rate quote within minutes with just a few simple steps to start.
Apply online:http://visionquestlending.com/free_quote/
BBB A+

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
 
what kind of rates are available on a jumbo 30 yr fixed, i am at 3.5 currently but looking for refi opp
 
Jumbo is currently not that great.
2.875% with 2 point buy down
3% with 1.5 point buy down
3.375% with 1 point buy down
You might want to look at doing a piggyback HELOC to drop your loan amount down to $765,500.00 for conventional high balance.

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
Modify message
 
nguyener said:
Jumbo is currently not that great.
2.875% with 2 point buy down
3% with 1.5 point buy down
3.375% with 1 point buy down
You might want to look at doing a piggyback HELOC to drop your loan amount down to $765,600.00 for conventional high balance.

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
Modify message
 
nguyener said:
You might want to look at doing a piggyback HELOC to drop your loan amount down to $765,500.00 for conventional high balance.

Yea that's how I had to structure one of my borrower's loans. Max high balance plus a $50k HELOC.
 
Current Jumbo  Rates

3.50% 30 yr no cost
2.875% - 3.00% no cost 7/1 arm
3% - 3.125% no cost 10/1 arm

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
 
Guess I won't be able to get better than 3% 30yr...if anyone can go sub 3s, no cost refi for jumbo, plz PM. 

nguyener said:
Current Jumbo  Rates

3.50% 30 yr no cost
2.875% - 3.00% no cost 7/1 arm
3% - 3.125% no cost 10/1 arm

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
 
nguyener said:
Current Jumbo  Rates

3.50% 30 yr no cost
2.875% - 3.00% no cost 7/1 arm
3% - 3.125% no cost 10/1 arm

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com

No sense for me to refi as even if my ARM would adjust tomorrow, I would be paying 2.875%.
 
USCTrojanCPA said:
nguyener said:
Current Jumbo  Rates

3.50% 30 yr no cost
2.875% - 3.00% no cost 7/1 arm
3% - 3.125% no cost 10/1 arm

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com

No sense for me to refi as even if my ARM would adjust tomorrow, I would be paying 2.875%.

Martin, are you looking for Jumbo (Loan > $765,600) or Super Conforming (Loan up to $765,600)? If the latter, I locked last week at 2.75% 30-year with lender credit to cover all closing costs. Also doesn't require escrow. Online broker, Lenderfi. Their web page says they are no longer taking applications, but I've heard of others having success by calling them. Might be worth looking into.
 
Here are my current Jumbo rates for today.

3.375% no closing cost 30 year fixed Jumbo 740+ credit and 80% loan to value.
2.875% - 3% for 7/1 arm Jumbo no closing cost
3.00%- 3.125% 10/1 arm Jumbo no closing cost

For conventional loan up to 510,400.00
2.75% 30 yr Fixed No Closing Cost
2.49% 15 yr Fixed No Closing Cost

For Conventional high balance loan amount $510,401 - $765,600.00
2.875% 30 yr Fixed No Closing Cost
2.625% 15 yr Fixed No Closing Cost

VA rates
30 yr 2.25% No Closing Cost
15 yr 2.25 No Closing Cost

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                 
Email | tony@vqlending.com                                                                 
Website  |  www.visionquestlending.com
 
nguyener said:
Here are my current Jumbo rates for today.

3.375% no closing cost 30 year fixed Jumbo 740+ credit and 80% loan to value.
2.875% - 3% for 7/1 arm Jumbo no closing cost
3.00%- 3.125% 10/1 arm Jumbo no closing cost

For conventional loan up to 510,400.00
2.75% 30 yr Fixed No Closing Cost
2.49% 15 yr Fixed No Closing Cost

For Conventional high balance loan amount $510,401 - $765,600.00
2.875% 30 yr Fixed No Closing Cost
2.625% 15 yr Fixed No Closing Cost

VA rates
30 yr 2.25% No Closing Cost
15 yr 2.25 No Closing Cost

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                 
Email | tony@vqlending.com                                                                 
Website  |  www.visionquestlending.com

How much higher do investment property rates usually go for (conventional)?
 
Investment is somewhere in the range of 0.5-0.75% high in rate than a primary residence. YMMV as there are other factors that determine rate.
 
Please share how the jumbo rates trending if you have recently started refi process or helping potential lenders.
I am working with a Mortgage broker and just signed disclosures for 3.25% but they say 3.125% may be possible if rates improve in next couple weeks. This is for 30 yr fixed.
 
yes2 said:
Please share how the jumbo rates trending if you have recently started refi process or helping potential lenders.
I am working with a Mortgage broker and just signed disclosures for 3.25% but they say 3.125% may be possible if rates improve in next couple weeks. This is for 30 yr fixed.

How much down are you doing? I?ve been offered a lot lower rate from lendors
 
Back
Top