MIKE STEELE LOANS
I Shop Rates So You Don't Have To
Weekly Realtor Update | September 11, 2026
|
Rates just moved, and not in a small way. Over the last three days the average 30-year fixed jumped from about 6.75% to over 7%. That's the highest we've seen in roughly 15 months, and it happened in one short stretch driven by a hot inflation report and another jump in fuel prices. Here's why I'm sending this now instead of soft-pedaling it: this is the exact week where getting your buyer a second opinion on their rate matters most. When rates run up, the gap between a retail bank quote and a real wholesale quote gets wider, not smaller. And there are levers we can pull, right now, to hand your buyer real savings even in a market like this.
|
✦✦✦
|
NATIONAL AVERAGES THIS WEEK
Highest in about 15 months, up sharply in 3 days
| CONVENTIONAL 30-YR
~7.0% - 7.1%
| FHA 30-YR
~6.5% - 6.8%
| VA 30-YR
~6.5% - 6.8%
|
| What moved them: a hotter-than-expected inflation report this week plus another surge in fuel prices. Bonds sold off, and mortgage rates followed. These are illustrative national averages, not quotes, and they change daily, sometimes more than once a day. The number that matters is the one on your buyer's actual scenario. That's where wholesale comes in below. Wholesale Rates + Seller Concessions= HUGE savings
| Illustrative national averages only, subject to change without notice • Mike Steele NMLS #241787
|
|
| Now here's the part the headlines miss: those averages are retail bank numbers. I work the wholesale side. I shop your buyer across 100+ wholesale lenders on a single credit pull, and wholesale pricing routinely comes in under the retail average because the overhead is lower. When the market spikes like this, that difference is exactly what protects your buyer's payment. Same money everybody's lending. Mine just costs less to get.
|
|
✦✦✦
|
The Stack: How We Beat a 7% Market
One savings lever is nice. Three stacked together is how your buyer wins even in a week like this. Here's the play:
|
1
| Wholesale Rates
100+ lenders compete for the loan on one credit pull. Wholesale pricing starts the buyer below the retail average.
|
| +
| 2
| Seller-Paid Rate Buydown
Put seller concessions to work buying the rate down instead of just covering costs. In a slower market, sellers are agreeing to this more than you'd think. Ask for it.
|
| +
| 3
| No Junk Fees
No processing, underwriting, or document fees from me. That's $1,500 to $2,000 that stays in your buyer's pocket at the table.
|
|
|
WHAT THE STACK CAN LOOK LIKE
A Simple, Illustrative Example
Round numbers on a sample loan. Not a quote. Real figures depend on the buyer, the property, and the day.
| RETAIL BANK
Higher retail rate
No buydown
Plus junk fees
Higher payment
+ more cash at closing
| WHOLESALE + THE STACK
Lower wholesale rate
Seller buys it down further
Zero junk fees
Lower payment
+ $1,500-$2,000 saved at closing
| THE COMBINED EFFECT
Lower rate. Lower payment.
More money kept.
Each lever helps on its own. Stacked together, they can move the payment meaningfully and put four figures back in your buyer's pocket, even with rates at a 15-month high.
|
|
|
| It's never been more important to get a second opinion on rates. If you've got a buyer sitting on a quote from their bank right now, this is the week to have them run it by me. It costs them nothing, it's one credit pull, and worst case they confirm they already have a great deal. Best case, I save them real money on the biggest purchase of their life.
|
|
✦✦✦
|
💡 TIP OF THE WEEK
| When you write your next offer, build the seller-paid rate buydown right into the ask. In a market where homes are sitting a little longer, a seller is often more willing to buy down your buyer's rate than to drop the price, and the buydown does more for the monthly payment dollar for dollar. Frame it that way to the listing side and you may get a yes where a price cut would've gotten a no. Call me before you write it and I'll give you the exact concession number to ask for.
|
|
✦✦✦
|
🌴 This Month in SW Florida History
Here's a piece of local history that started it all. Construction on the railroad line that would eventually reach Fort Myers got underway back in September 1884. Before the tracks came through, getting to this corner of Florida meant a boat trip. There were no roads to speak of, and the whole area was mostly cattle range and a scattering of homesteaders. The railroad changed everything. It's what let people move here, ship out cattle and produce, and eventually buy and build. Every home your buyers close on today sits in a market the railroad quietly made possible almost 140 years ago. Not bad for a stretch of track that started as a way to move cows.
|
✦✦✦
|
💡 Worth Knowing
With rates spiking this week, here's a split-screen tip you can pass to both sides of a deal:
For Your Buyers
| Don't let a scary headline freeze them. The payment is what matters, and the payment is negotiable through a buydown and wholesale pricing. Get them pre-approved with me so they know their real number, not the national average.
|
| For Your Sellers
| Offering a rate buydown can attract more buyers than another price cut, and it often costs the seller less. It's a strong listing tool right now. Let's talk through how to position it before your next listing appointment.
|
|
|
✦✦✦
|
THE LOAN MENU
◆ VA & Luxury VA
◆ FHA
◆ Conventional
| ◆ DSCR & Investor
◆ Bank Statement
◆ 1099-Only
|
Access to 100+ wholesale lenders. One credit pull. One point of contact.
|
|
Got a buyer staring at a scary rate?
This is the week a second opinion pays off. Send them my way and I'll show you the real number, wholesale pricing, buydown options, and zero junk fees. Fast closings, multiple lenders, and your buyer works directly with me start to finish. You know I pick up, weekends included.
|
|
Talk soon,
Mike
|
Mike Steele Loans
Mike Steele NMLS #241787 | Edge Home Finance LLC, NMLS #891464
Equal Housing Lender. Proudly serving Cape Coral, Fort Myers, Naples, Punta Gorda & Lehigh Acres.
This email is for general educational and marketing purposes only and is not a commitment to lend, financial advice, or a guarantee of loan approval. Rate figures are illustrative national averages, are subject to change without notice, and depend on credit, down payment, loan amount, and property. The savings example is illustrative only and not a quote. Wholesale pricing, seller-paid buydown, and fee structures vary by loan program, lender, and transaction.
|
Comments
Post a Comment