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
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 are