Lender announces 30-year home loan under 2%, even as mortgage rates rise

Laveta Brigham

Though mortgage rates have generally been moving higher this week, one of America’s largest home lenders keeps moving things far in the other direction.

United Wholesale Mortgage — the company that recently announced a 15-year fixed-rate mortgage with rates as low as 1.875% — has just unveiled a 30-year fixed-rate loan that starts at just 1.999%.

UWM’s new deal offers potentially huge savings for borrowers.

“Roughly speaking, this means a consumer with a $300,000 home who puts down 10% and refinances from a 3.14% to 1.999% interest rate can save nearly $128,785.56 over the life of the loan,” UWM said, in an email.

But can anybody get a 1.999% mortgage? Is there a catch?

Rates far below the average

Gearstd / Shutterstock

The rate on UWM’s loan is way below this week’s average rate for a 30-year fixed-rate mortgage: 2.96%, according to mortgage company Freddie Mac. Though rates

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Mortgage lender drops VA home loan rates below 2.5%

Laveta Brigham

VA home loans were already a sweet benefit for U.S. service members, veterans and military widows and widowers, but they’ve become an even better deal as mortgage rates have spiraled downward during the coronavirus pandemic.

These mortgages backed by the Department of Veterans Affairs require no money down, and you can get one with just a “fair” credit score. It’s now easy to find 30-year VA loans with rates under 3%, and a major lender has just dropped the rates to an astonishing level: as low as 2.25%.

How to get a super-low VA loan rate

The ultra-cheap VA loans are being offered by United Wholesale Mortgage, or UWM, one of the nation’s largest mortgage lenders and the same company that’s providing conventional 30-year mortgages at rates as low as 2.5%.

Rates through UWM’s new VA loan program range from 2.25% to 2.375% and are available to both buy homes

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