August 1st Mortgage Interest Rates Today || Interest Rate Update

Mortgage Rates Today: In this presentation, we’ll update you on home loan mortgage interest rates today. Whether you are looking to refinance your mortgage or purchase a home, we recommend going with a Mortgage Broker. You’ll get a lower rate, lower costs, and better customer service.

I’m eddie cannell and i’m tom cannell welcome everyone this is the mortgage brothers podcast show it is monday august 1st we love august and today is the interest rate update and if you’re new to the channel be sure to subscribe comment and like we do this monday through friday and remember this is for informational purposes only this is not financial advice that’s

Right folks we are smart but we are not that smart but we were pretty smart though you know it is great starting a month on a monday yeah august 1st on a monday that’s right you just have a little line in the sand yeah we just crossed over it yeah main break clean month july is done school’s starting here very soon for for a lot of people and interest rates uh

Are better yeah we’re we’re in this in the solid fours for that 30-year fix we see a 4.62 down from friday the 15-year fix we’re still seeing about 3.99 the 30-year fha is 4.375 and the 30-year va 4.375 so fha and va same as uh last week um i guess the only thing that changed was that 30 years yeah generally speaking we’ve seen this downward pressure uh so you

Know downward well at least we could tell and again when we quote rates we’re showing you these rates based off of these loan assumptions and for conventional fha and va but when we quote the rates i mean the market is constantly changing and we can kind of tell where kind of the micro movements in the day yeah and we i think so far it’s been a downward trend

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Now it could change that trend can change tomorrow or tonight yeah but you know and i think eventually what we should have is like a little slide that says hey i know what what interest rates are but why don’t you give me a matrix that tells me how good i should feel about the rates um like you know that little like when you go to the hospital yeah hey how’s your

Pain one two ten and ten’s like crying rates right now 4.6 yeah i mean that is a feel-good place and and we’re not just saying that you know as mortgage brokers this is something and when you look at this this slide here really skews it because you’re looking at the ultimate it was oh it was too low back then comparison in december 2020 this goes back four years

This was the low about december 30th 2020 and then the high was hit at uh june 23rd so about a you know a little over a month ago was that high if you were to look at the if we could pray that index everybody would have a big smiley face right here you know up here things were not they weren’t feeling great i mean things were feeling a little scary but today com

If you were to compare this was probably like you know five and a half percent mm-hmm that we were seeing rates today’s 4.625 would really put i would say a smile on a lot of people i mean especially if they were home hunting in the last couple months yeah so and again you know i think most of what we do is you have to be realistic about what you do and how you

Do it and the interest rates that we had back in 2020 2021 really were not realistic so when you compare yourself against something not realistic you’re only going to set yourself up for um either let down or you know what do you mean by not realistic you know go back to march or go back to what is it september of 2019 where were rates almost about where they

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Are now yeah were people buying homes back then absolutely yeah where people happy absolutely yeah so july july 2018 rates were pretty much at 4.625 i now this is the freddie mac chart and freddie mac surveying banks banks the quotes that banks are giving and generally speaking freddie mac shows higher rates because you know we’re a mortgage broker yeah and we

Are quoting these rates these were with no points right okay there’s no points no extra fees to get those rates if you as long as your scenarios are like this for conventional fha and va but a lot of banks are charging higher rates yeah most are and that’s right uh this is reflecting here and then i guess my whole point was is to go back if you’re looking for a

Home or you’re looking to potentially refi people were buying homes and refinancing with almost the exact same pricing just three years ago yeah and they were very happy about it but if you compared to what it was 24 months ago you’re gonna be a little bit frustrated that that’s not that’s not a good way to live it’s not the right way to see it so i think we had

Unseasonably low interest rates that hopefully we don’t go back down to frankly um i’d love it selfishly for loans but for an overall economic health standpoint we need to have interest rates probably kind of where they are now maybe a little bit lower but still you can’t give away money for free so okay okay so there’s a lot on there’s a lot in there because of

Course how our how our policy how the fed is going to continue to print money and all that will will change um i mean the tone our debt we are addicted to low rates yeah so i would say are are we not going to go back down we may not i mean i think we probably will i mean i i think we will i’m just saying we yeah we should and you know what we what will happen

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I think that we will go back down there but it’ll take time yeah and if you’re waiting to refi until it goes down let’s wait 18 to 24 months we don’t recommend that because if they hold steady here or they even go up again then you’re gonna look back and say boy i wish i would have grabbed that rate so we’ll simply refi you as rates go down as they drop we grab

It we wait we wait we wait they drop again we go grab it you’re constantly grabbing that rate as it’s sinking and you don’t feel bad about it the only reason why you would feel bad about doing three refi’s within like a three year period is if you had a crystal ball in your closet that you never told anyone about and you you could have known that you should have

Waited otherwise if you don’t know the future you refi as those rates drop so you always have it so all right so if you’re again new to the channel please subscribe comment and like we’ll be back tomorrow with another interest rate update take care everybody all right thank you folks thank you everyone for watching our show today if you have questions be sure to

Email us at rates and be sure to take a look at all of our other videos on our channel

Transcribed from video
August 1st Mortgage Interest Rates Today || Interest Rate Update By The Mortgage Brothers Team