July 11th 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 and today is monday july 11th and this is the interest rate update real quick 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 are pretty smart yes yes so what are we going to do

Today we’re going to be going into the 30-year fix showing you where rates are today and of course be sure to subscribe comment and like because we do this monday through friday the 30-year fix today we see at 5.19 the 15-year fix at 4.375 and the 30-year fha the 30-year va the same at 4.625 all right and these quotes are based off of these loan assumptions for

Conventional fha and va loans and it’s really important that each everybody knows that you know everyone’s scenario is different you know based off of whether you’re going to be living in the home your credit scores what your sales price is going to be you know your purchase how much you’re going to put money down that’s right yeah there’s like five big variables so

It’s like when you turn one of those little variables and you move it like how many different scenarios can there be we should probably figure it out but like like 25 maybe or something like that anyway yeah so these are the big assumptions that we have and every little variable that changes can change this and they come with no points right the way we’re showing

These rates there’s no buy down points no discount points no extra fees you’re going to notice a lot of extra fees from a lot of other banks right now yeah we will have fees in that these loans have costs people need to keep lights on they need to keep paper flowing but again there’s nothing extra there’s nothing hidden yeah that’s right and we wanted to give

Everybody a quick reminder you know whether you’ve been uh tracking this or not but this wednesday july 13th the cpi which is the inflation report is coming out consumer price index right that’s right and it’s it’s going to be showing us what the uh what the you know what that inflation number is from june of 2021 to june 2022 right if you look at this you may

Think holy cow we have almost nine percent inflation a month 12 months yes so that was the report that came out in june okay so last month the june report which is reflecting the may 2021 to may 2022 inflation was up 8.6 so we’re going to be rewatching that closely so be sure to subscribe comment and like all right so the 30-year fix since 1971 we see this you

Know the big picture here in 1981 interest rates were 18.3 for the 30-year fix that was that peak um since 1986 they were stuck in this channel really from 1986 all the way to march 2022 where they busted out of here and interest rates have fallen you know this is helping me hey we don’t talk about that or we haven’t mentioned in a while but that interest rates

Fall when you go into recessions it’s just what the fed will do and there’s so much speculation whether they’re going to be whether we’re going to be in recession or not and if it does happen we likely will see interest rates fall back down into this red column line and again there’s lots of reasons why that will likely happen as far as why a recession will happen

But why the federal reserve will push rates back down again yeah someone asked me my opinion this weekend and i mean and it really is difficult to give any opinion as to where we are going to go uh there’s so many different options um but we are in kind of a wait and see mode right now but we think you know very likely we are going to see something similar to this

Will look exactly like this no but we’ve been doing it for so long for so many years that we think eventually we’re going to get back into that yeah that’s right okay so a lot of you who are buying a house or refinancing have been given loan estimates the federal federal loan disclosure called the loan estimate we want i want to point out that we’ll be happy to

Do a review for you just be sure to email us call us we’ll look at your uh the loan estimate for you what you’re really going to be looking out for is what is the interest rate right here what kind of loan term is it is it you know if you’re if you want a 30-year fix are they giving you a 15-year fix or if they’re you know if you want a 15 year are they giving

You a 30 right you want to know what that good point good point um also we want to this is a three-page document this is the top of the the first page so number one interest rate there but we want you to really kind of focus in on that second page top of the second page are there any discount points those are those extra fees we talked about this is an example

Again this is not a real case that we are you know this isn’t a borrower we’re working on this is an example case 5.19 today a 30-year fix would come with zero points um buy down points so the total origination fees all all origination costs would be 1050 based upon our estimate yeah and that is an estimate again all lenders you know should have that if they

Don’t then they’re going to do what we call push that into the rate yeah which would show you the higher interest rate so again it can get a little bit complicated but every lender should have an underwriting fee or an admin fee or something similar to that but it’s the points that we’re talking about that we are not charging and every day we see for example banks

Today will be if they are charging 5.19 on the interest rate we’re seeing big numbers here we’re seeing four thousand dollars five thousand dollars right in this line for this scenario so be on the watch out let us review your loan estimate for you we’d be happy to do that and we’ll be back tomorrow everyone great hey thanks folks thank you everyone for watching

Our show today if you have questions be sure to email us at rates azmortgagebrothers.com and be sure to take a look at all of our other videos on our channel

Transcribed from video
July 11th Mortgage Interest Rates Today || Interest Rate Update By The Mortgage Brothers Team