Hard Money Lender

The number of mortgage applications jumped 33.4% from the week ending September 5th to the week ending September 12th. The jump has largely been attributed to the buy-out of Freddie Mac and Fannie Mae as well as low interest rates.

Interest rates fell to their lowest rate since January to 5.82%. The lowest rate of the year was 5.5%. This has given rise to a number of people applying for new mortgages to get out of their adjustable rate mortgages in favor of long-term set interest rate mortgages. 

It was revealed that 51.6% of all mortgage applications were from people trying to refinance. This was up from 36.3% of all mortgage applications the previous week.

If you are interested in hard money lending and would like to learn more, contact the hard money lenders of Pitbull Mortgage School at 858-736-7788 today.