Fixed mortgage rates reverse course for the first time this year
Shashank Shekhar, the chief executive of Arcus Lending, is one who expects rates to hold steady. “Rates went up too quickly at the beginning of the year and are now simply taking a pause,” Shekhar said.
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Shashank Shekhar, CEO of Arcus Lending and author of, “First Time Home Buying 101,” recommends adding any extra income towards your mortgage. “A lot of people get a one-time or a two-time bonus,” says Shekhar.
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“As a real estate guy it was: I want to increase my own net worth . . . I have to squeeze every penny from everyone else,” says Shashank Shekhar, chief executive of Arcus Lending, a mortgage broker and direct lender. “But how does that translate at a national level to help the real estate industry?”
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“The cost of compliance has gone up,” says Shashank Shekhar, president and CEO of Arcus Lending, in San Jose, California. “So many things have to be tracked and followed, and the cost of that needs to go somewhere.” Still, he says, “I don’t think the fees themselves increase.”
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Fixed mortgage rates continue their upward climb
Shashank Shekhar, CEO of Arcus Lending, is one who expects rates to go up. “I think higher mortgage rates will continue to be a longer-term trend as the combination of growth and global central bank bond tapering continues,” Shekhar said. “Both of these lower the yield on mortgage-backed securities (MBS), thus increasing the mortgage rates that borrowers get.”