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United Wholesale Mortgage is now offering the first widely-available 30-year fixed-rate mortgage product that is in the 1's, according to a recent report from HousingWire. UWM is introducing a loan program that offers borrowers an interest rate as low as 1.99% for purchase mortgages and refinances.
According to the report, the rate will only be available through independent mortgage brokers. This marks the second time the company announced record-low rates after unveilling a 1.875% rate for 15-year mortgages on July 31.
The 1.99% interest rate is significantly lower than the 2.88% average rate for a 30-year fixed-rate mortgage, according to last week's Mortgage Bankers Association's Primary Mortgage Market Survey. Last week's rate marked the eighth consecutive decline for the 30-year fixed-rate mortgage as the country continues to suffer from the effects of the COVID-19 pandemic.
Low rates have been the catalyst for the increased demand for the purchase and refinance front.
"Low mortgage rates like the one being offered by UWM have spurred demand for real estate and supported home prices during the COVID-19 pandemic," according to the report.
"U.S. existing-home sales rose 21% in June, the biggest monthly gain on record, and the median price rose 3.5% from a year ago, the National Association of Realtors said in a July 22 report."
Read more about UWM's latest offering for the 30-year mortgage.