Financial markets have had their fair share of shakeups this year, causing the Federal Reserve to slash interest rates to the lowest in history.
These past few weeks, there has been a lot of buzz specifically surrounding the historically low 30-year mortgage rates. But as rates remain at historic lows, wholesale lenders are taking it one step further with a short term mortgage that takes rates to an entirely new, record low.
There are wholesale lenders now offering 15 year fixed-rate mortgages as low as 1.875%. Considering the national average for 15-year fixed-rate mortgage loans is 2.51% and 30-year fixed-rate mortgage loans is 2.87% (according to Freddie Mac), this is an incredible drop!
As the middleman between your customers and their potential lender, your job is to find the most competitive rates to fit their needs. A well-developed network of lenders can make your job much easier. But having a lender in your network who can offer below 2% on a 15-year mortgage will surely seal the deal.
Wholesale lenders are taking it one step further with a short term mortgage that takes rates to an entirely new, record low