Why mortgage rates are not lower.

Mortgage rates are not at rock bottom, and they probably won’t be any time soon. One reason is that all mortgage “factories” are already at 2x capacity from when rates dipped in late February and early March.  And remember, the Fed’s rate cut to 0% does NOT impact 30-year and 15-year mortgage rates.

On March 20th, the typical 30-year fixed rate was at 4.0% (if you had all right stuff) because the normal buyers of mortgages had their hands in their pockets and were not buying.

The Federal Reserve has now stepped in and is buying bundles of 30-year fixed mortgages by the 10’s of billions, so rates are back down. As of March 27, 2020 at 3pm, Accunet is able to show 3.375% for a 30-year fixed (3.47% APR) on our homepage. That’s on a $200,000 loan with 25% equity and all the other right stuff, with 0.75 points. The rate/APR with 0 points was 3.66%.

What Accunet is doing.

  • We are prioritizing our capacity for home shoppers to whom we’ve issued pre-approval letters, especially Rock- Solid Guaranteed Pre-approval letters. 

  • Next, we’re prioritizing helping our past clients with their refinances.

  • When we have additional capacity, we are responding to inquiries from potential new pre-approval and refinance customers. 

What you can do.

·        If your loan is already in process and locked with Accunet, please don’t call to see if we can drop your rate because of the Fed rate cut. Your rate is already lower than current market rates.

·        If you’re a past Accunet customer or a friend / relative of a past or current Accunet customer, and you have not yet started the refinance process, get started now. You don’t have to lock your rate if you think rates are headed lower.  But if you can save $1,000 a year at today’s rates, why gamble?

·        If you’re mortgage is in process with Accunet or any lender and you lose your job or get laid off or your hours are reduced, tell your lender right away. All lenders re-check a borrower’s employment a few days before closing, so we’re going to find out one way or another. Sooner is better than later.

·        If you’re a potential new Accunet refi customer, click on the blue button so that you get in our “deli line” of people to contact as soon as we are able.  Just like standing in line to buy some precious toilet paper, the sooner you get in the line, the sooner you’ll be at the front of that line. 



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