Mortgage rates have been on the rise since the Federal Reserve began mulling a rate hike at the beginning of the year, jumping to their highest levels in nearly three years even before the announcement of the rate hike.
On Thursday, Freddie Mac released its latest 30-year mortgage rate at 4.67%, a new high since December 2018.
At the beginning of this year, this number was remained at 3.22%. That means mortgage rates have risen 145 basis points throughout the quarter and have reached close to 5% for the first time in the recent four years.
So far, the Federal Reserve has actually raised the interest rate only once, which is equivalent to six times of interest rate hikes calculated on a 25 basis points one time.
Affected by high inflation, the Fed plans to raise rates at every meeting during this year, while the aggressive route of rate hikes and soaring loan rates almost peer.
Faced with rising mortgage rates that are likely to continue, many of you who are applying for a mortgage may start to wait or expect to take the plunge until the interest rates hit the cyclical low point.
In fact, as total mortgage applications are down 60% compared to a year ago, according to the Mortgage Bankers Association.
Just as the major banks are following the trend of rising rates, a range of loan products from AAA Lendings are making people stop watching and take the plunge.
Loan applications soar as interest rates buck the trend
In the market where major banks continue to rise in almost 2-day cycles, the R100 series of loan products lunched by AAA Lendings have not followed the wave of interest rate hikes but have even bucked the trend with lower interest rate.
As of today, the interest rate of AAA Lendings remains at a low level of 4.250%. According to AAA Lendings’ statistics, the number of applications for the R-100 series of products has risen significantly during this year
You may wonder that “who is qualified to apply for R100 product?”
Employee
Whether your borrowers are a U.S. citizen, holding a green card or a work card, or an foreign national, you can choose the WVOE product. Here are some advantages:
n No paystub/W-2/tax return needed.
n Gift funds allowed.
n Foreign national allowed.
n 12 months reserves calculated on PI (Not PITIA other lender required).
n Loan amount up to $2.5M.
n Down payment as lower as 30%.
n Min FICO 680.
Self-employed
Whether your borrowers are a U.S. citizen, holding a green card or an ID card, or a foreign national, you can choose the Self Prepared P & L product:
n No CPA signature needed.
n Foreign national allowed.
n Loan amount up to $10M.
n 12 months reserves calculated on PI (Not PITIA other lender required).
n No tax returns needed and gift funds allowed.
n Down payment as lower as 30%.
n Min FICO 680.
It seems that the trend of interest rates hikes will not stop for the time being and the low interest rates of the R100 series may be “Time-limited”. Don’t miss out on the best opportunity to get on board with AAA Lendings!
Post time: Apr-02-2022