What Is Your Rate?

As of today, the current average interest rate for a 30-year fixed mortgage is 7.53%. This is down 1 basis point from last week.

The historical average mortgage interest rate in the United States is 7.74%. This is according to Freddie Mac who has been tracking since 1971.

For perspective, the highest mortgage interest rate ever recorded was 18.63% in October 1981, and the lowest was 2.65% in January 2021.

What happens if rates go down 1% in the next 6 to 18 months?

Increase in demand is almost certain, as lower interest rates make homes more affordable but inventory will continue to be tight.

Some common issues that we are seeing are limited funds for a down payment, credit issues and monthly payments that they do not qualify for or feel comfortable with.

Most recently, we closed on a home for an individual that qualified for the 1% down program. With the combination of “seller credit” and “grant” money, he only had to bring around $4,000 to closing. Hard to believe, right?

Not all lenders and brokers are created equal and most certainly do not evolve the same.

What can you expect from me and my team?

Honesty and integrity. Omaha is a big small town and reputation matters to us. This sentiment rings true for the world we live in now too. We are accessible through all communication channels.

We are partners that serve before self. We will keep you in the loop and do everything we can to educate at the highest of level. Confidence in the facts and having clear next steps is critical. Who you work with has never been more important.

I truly do believe that brokers are better. That we are better. Who do you know that needs more direction, more options, and more success?

Schedule time with me here for a short strategy session to determine what is important to you and to see if we are a good fit together whether you are potential buyer, partner, or recruit. www.calendly.com/majorteam