Rates at 30 Year Low

This week, mortgage rates for conforming, single-unit, residential properties have come back down to the lowest levels in three decades, with some borrowers being able to lock and close 30-year fixed-rate loans at 3% APR with close-to-zero closing costs.

First Mortgage & No Cash-Out Refinance

This rate environment only exists for first mortgages and no-cash-out, first-mortgage refinances where the property type is a single unit, residential property and the loan amount is under the standard conforming loan limit of $510,400. Mortgage rates currently exist below 3% APR for 30-, 25-, 20-, 15-, and 10-year fixed loan products for mortgages that fit into this narrow window.

Other Loans Still Impacted

The majority of loan products, outside of no-cash-out refinances, and purchases where the loan amount is below the standard conforming loan limits, are still severely impacted by a lack of investor appetite for any mortgage that doesn’t fit into a very small box.

Jumbo loans, cash-out refinances, loans for multi-unit properties, rental properties, alternate lending products for self-employed borrowers, and even Home Equity Lines of Credit are all being impacted by a lack of