Current Conventional Mortgage Rates (30 Yr)

[Hamza F.]

Hello BP!

Had a question. What rates are you all seeing nowadays for conventional 30 Yr Fixed loans for investment rentals (new purchases, not refinancing)? I was under the impression that rates were around 5% (or lower) for 80% LTV loans, however im getting quotes for as high 5.75%, and some big bank lenders aren't even doing 75% LTV loans. Am I looking in the wrong place? Or is this the norm?

Also, would anyone recommend contacting a mortgage broker? Looking for loans that around $80 - $100K and I wonder if the loan amount makes a difference in pricing.

Would love any thoughts/advice.

Thanks,

[Chris Mason]

The index everyone tracks is 20% down, loan amount below $453k, sfr, owner occ, 0.5 to 1 point, FICO>740. Every little deviation from that super vanilla scenario is a rate bump. But if you want to see that baseline index... the chart is adding vertical space on the Y axis every week as it continues to hit the top of the chart.

The big question for me as a lender: when I preapprove someone, knowing they are going to spend weeks or months house hunting, and looking at that trend-line, should I be qualifying them at current rate + 0.25%, or current rate + 0.75%?