Conventional Loans 7/2023 - Is it true there no par (rates with no point cost)?

[Dan N.]

I just got a quote from a conventional lender for 7.75% with a 2.5 point buy down.

When I asked what would be the rate without a point buy down, they said: 

" There are no par (rates with no point cost) rates for investment properties currently."

Is this true? I would mainly like to hear only from people who have received conventional loan quotes within the last 30 days.

Thank you

[Eric Veronica]

I dont know if i would say that it is a bad deal.  More that different lenders have different sensitivities to the highest rates they think they can sell on the secondary market.  It seems like your lender might be a little more sensitive than others.  Right now there are a lot of lenders that cannot price an investment property without paying points but that is because rates recently spiked again.  A couple weeks ago your lender may have not had any issue giving you a par rate.