This year’s record-low mortgage rates fueled an extraordinary refinancing boom. For this reason, among others, Q3 2021 was nothing short of remarkable for Loan Pronto.
Loan Pronto saw back-to-back record-breaking numbers for August and September and helped thousands of homeowners achieve their financial goals.
Rates fluctuated throughout the year, hitting an all-time low (2.65%) in January and a 2021 high (3.18%) in April. Following the spike in April, rates quickly descended and averaged at 2.87% in July. Rates continued to fluctuate throughout August and September but stayed below 3.00%.
While rates held near historic lows during Q3, September saw rates trend upward. Despite rising mortgage rates, Loan Pronto funded a record-breaking $162,434,136 in volume that month.
Loan Pronto's Q3 numbers were as follows:
In total, Loan Pronto funded 1,495 units for $404,010,129 in volume during Q3 2021.
With Q3’s impressive numbers, Loan Pronto reached its goal of funding $1 billion for the year by mid-September. There’s no doubt that Loan Pronto will continue breaking records.
As of now, mortgage rates are still hovering near historic lows. However, a few factors – inflation, economic growth, and the Fed’s tapering – are expected to push rates higher.
Related: Mortgage Rate Predictions for 2021
Mortgage rates are gradually rising but today’s rates are still low when you look at mortgage rate history.
With 74% of homeowners having yet to refinance, the opportunity to save hundreds each month is still available. Among those who did refinance, almost half are saving $300 or more each month.
The general rule of thumb is that if mortgage rates are lower than your current rate by 1% or more, it may be a good idea to refinance.
You can take advantage of today's low mortgage rates by lowering your interest rate, eliminating PMI, or tapping equity in your home to cash-out refinance. The possibilities are endless.
With rates expected to rise in Q4 2021 and Q1 2022, the time to strike is now.
Today’s low mortgage rates won’t last forever. Take advantage of the homeownership opportunities in front of you before it’s too late.
Not convinced? Let's look at what some of Loan Pronto's recent borrowers had to say about their experience.
Nick and EJ made the process, which can get very confusing quickly, simple and easy. Everything was explained in detail and at my speed. Nick and EJ never pressured me but made sure that I met all the goals and timelines to make everything a success. Both would provide reminders and simple instructions that made this an enjoyable experience. The rates were awesome and I was able to lock in quickly and save $400/month on our mortgage payment. I would 10000% recommend Loan Pronto for your mortgage or refinance.
Fastest and easiest refinance application ever. Everything was done online. There were no huge paper packets to read, file, sign, or shred. Everything was done through email or on their website, which was easy to navigate. They requested forms, I uploaded what they needed, they sent approvals for me to review and sign online, and now we're closing tonight in my kitchen. Easy, convenient, and there were no false promises made. We're paying nothing out of pocket and there was no appraisal. The interest rate was locked in at 2.5%. Not too shabby!
Amazing service! Professional, helpful, responsive, and fast. I thought this refinance was going to be stressful as it has been in the past. However, to my surprise it was nearly effortless! They gave us a better rate and didn't change our monthly mortgage payment much at all. We'll be getting cash out to start our own business! I couldn't be happier! Harry and Katie, YOU GUYS ROCK! Thanks for a seamless process and helping us to make our dreams come true!
Could not recommend Loan Pronto more! I was hesitant to do a refinance because I thought it was going to be confusing and a lot of work but Roger and Blaire made it so easy. They were able to reduce my rate by a full % point and lower my monthly payment by $200. I closed in less than 2 weeks and I got to skip a mortgage payment. They were super responsive and answered all of my questions quickly, too. If you're unsure about refinancing, definitely check them out! I'm so glad I did.
Zack and Elle from Loan Pronto were amazing! They made this refinance extremely quick and easy. I thought my demands would be hard to meet, but they definitely exceeded my expectations! Not only were they able to get my loan cleared to close in less than 30 days, there was no appraisal and I will skip two months of mortgage payments in the process! Highly recommend giving them a call to take advantage of these low rates while you still can!
Our integrated process is up to 4X faster than most lending institutions.