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Mortgage Rates Continue to Drop in 2016; Could Reach Record Low Soon

Category | Economic Trends | Loan Resources | Wholesale Lending News

Even though The Federal Reserve raised its funds rate for the first time in nearly 10 years in the closing days of 2015, the average rate on a 30-year fixed mortgage has continued to drop since then.

It appears that financial markets abroad have held more immediate concern than monetary policies here in the United States. That trend represents a winning formula for potential new American homebuyers.

Mortgage rates have fallen as investors have poured into the U.S. bond market – seizing upon these bonds as safe fallback options in a highly volatile and often worrisome U.S. stock market.

Lower mortgage rates obviously offer homebuyers lower monthly payments, but can also help them to qualify for larger loans – thus enabling them to buy pricier (and possibly roomier) homes. This is even more valuable now, since home prices have been surging – due mostly to a strikingly low supply of available homes.

It all has added up to mortgage rates nearing their record lows, set back in 2012.

Good News for Millennial Homebuyers

With Millennial homebuyers becoming more and more of a force – and positioned to remain powerful for several years to come – these low rates must be particularly enticing for this booming mortgage market segment. Many Millennials are saddled with additional expenses such as student loan debt, so lower mortgage rates and corresponding lower monthly payments help reduce some of their barriers to homeownership.

Here at Impac Mortgage Corp. Wholesale, we offer wholesale lenders a wide variety of products to assist nonqualified buyers in receiving home loans. Our AltQM™ product series will help brokers and their clients achieve their American Dream of homeownership.

We’ve even recently redefined our AltQM™ product series and have consolidated our original five programs down to three, simplifying non-QM origination with expanded guidelines that benefit brokers and their borrowers alike.

Contact us today to see how we can help you and your clients take advantage of today’s historically low mortgage rates!


Copyright © 2018 Impac Mortgage Corp. All rights reserved. NMLS #128231. Rates, fees and programs are subject to change without notice. Other restrictions may apply. Information is intended solely for mortgage bankers, mortgage brokers, financial institutions and correspondent lenders. Not intended for distribution to consumers, as defined by Section 1026.2 of Regulation Z, which implements the Truth-In-Lending Act. Licensed by the Department of Business Oversight, under the California Residential Mortgage Lending Act (License #4131083). In the state of New York, Impac Mortgage Corp. dba Excel Mortgage. Equal Housing Lender.