July 20, 2020
Even with the economy contracting over the past few months and millions of borrowers going into forbearance, since the beginning of 2020 Orion’s brokers have helped thousands of their clients save money every month. And as we sail through July, we continue helping. In fact, we were just approved to do business in New York. Even with all the uncertainty from so many people being unemployed, or partially employed, there is still a lot of optimism in the market. And our clients continue to refer other brokers to Orion, which is the best way for us to spread the word of our ability to help brokers find the right program and price.
The jump in refinancing was to be expected, with rates near record lows, but Orion is also hearing from potential buyers who are tired of feeling stuck in small homes with each other or in cities where COVID can easily spread. Although they can go up or down every day, a look at recent Orion rate sheets show 30-year mortgages near a shockingly low 3 percent. If you have a client who doesn’t actually know their mortgage rate, your Orion AE can help you figure it out. And then our brokers use Orion’s Quick Pricer system to help their clients find the best rate and program.
Orion’s broker’s clients aren’t complaining, either those refinancing or those buying a new home. With these rates, who wants to continue renting? In rising numbers, they are coming to brokers to apply for mortgages, with purchase applications increasing for many weeks. Industry-wide they’re at the highest levels since late January, just shy of a 12-year record. The surge in mortgage lending is partly pent up demand because buyers took a pause in March and April. Additionally, the recent stock market rally, although it is as volatile as ever, is not only boosting buyer confidence but also providing money for their down payments. Since business typically picks up during the spring and summer, this year could be one of Orion’s best.