Net Branch Offices of US Mortgage Report Increased Mortgage Demand
With 30-year fixed rate mortgages falling to below 6 percent last week, US Mortgage Corp., a diversified mortgage products and services provider that offers net branch affiliate programs, has seen an increase in applications for purchasing money mortgages. Gary Lehnes, Branch Development Manager at US Mortgage, indicated that the net branch affiliate managers have reported an increase in the ratio of applications from people to purchase homes as compared to those looking to refinance existing loans.
Smaller, 30-year fixed rate mortgages for well-qualified borrowers have dropped to as low as 5.5 percent with some brokerage fees, several local mortgage brokers stated. In addition, the Mortgage Bankers Association reported that the average interest rate, including fees, on 30-year mortgages fell to just under 6 percent last week. But the biggest movement was investors finding bonds much more attractive, driving down interest rates.
Just a month ago, interest rates on mortgages were as high as 6.5 percent. The one percentage point drop in rates translates to a savings of about $200 per month for a $300,000 mortgage, or $69,000 over the life of the loan. Some brokers said they are hopeful the drop in interest rates will stay for a while, speeding up a recovery in a battered housing market.
About US Mortgage
Headquartered in Pine Brook, NJ, US Mortgage is a licensed mortgage banker founded in 1996. US Mortgage’s owners and principals founded West Jersey Community Bank, a de novo corporation, prior to the incorporation of US Mortgage. Sharing the vision of a national, multi-platform, mortgage banking organization, the company subsequently broadened the business with the formation of CU National Mortgage, a national provider of transparent mortgage services for credit unions; US Capital Markets, a secondary market resource to investors and sellers; Icon Residential Capital, a national wholesale lender and BranchLink, the branch affiliate program that is bringing US Mortgage to locations throughout the United States.
For more information, visit http://www.usmtg.com .
U.S. Mortgage Corp
19D Chapin Road
Pine Brook, NJ 07058
- Contact Information
- Frank Kuri
- Vice President Branch Development
- U.S. Mortgage Corp
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.