New Destiny Mortgage where Your Dream is Your Destiny with Scott Smith

05/15/2026

New Destiny Market Update

NMLS 1634279 Equal Housing Lender

08/07/2025

Mortgage Industry Brief – August 7, 2025

Key Update: Bank of England Cuts Base Rate to 4%

The Bank of England’s Monetary Policy Committee has officially reduced the base rate from 4.25% to 4.00%, a move widely anticipated by markets. Industry leaders expect this to:
- Boost borrower confidence, especially in high-value markets like Prime Central London
- Trigger more competitive pricing in the buy-to-let sector
- Unleash pent-up demand as summer ends

Impact on Borrowers
Tracker mortgage holders will save an average of $38.86/month, totaling nearly $470/year.
Standard Variable Rate (SVR) borrowers may see $18.59/month in savings, if lenders pass on the full cut.
Fixed-rate borrowers won’t see immediate changes, but nearly 900,000 deals are set to expire in H2 2025.

U.S. Outlook: Fed Rate Cut Expected in September
While the Fed held rates steady at 4.25–4.5%, analysts expect a 25 bps cut in September. Mortgage pros remain cautious, noting:

- Mortgage rates follow the 10-year Treasury yield, not the Fed rate directly
- A modest decline in rates is expected, but not dramatic shifts
- Refinance opportunities could expand if rates dip to 6.5% or lower, unlocking over 1 million qualified borrower.

Credit Score Reminder
The mortgage rates I publish in these briefs typically reflect borrowers with excellent credit profiles, specifically a FICO score of 740 or higher. This is the standard benchmark used by most lenders and aggregators (like Freddie Mac or Bankrate) when quoting average rates.
Borrowers with lower credit scores—especially below 700—can expect higher interest rates, sometimes by 0.25% to 1% or more, depending on the loan type and lender.

NMLS 1634279 Equal Housing Lender

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07/05/2025

Mortgage Industry Brief – July 5, 2025

Mortgage Rates Drop Again: The average 30-year fixed mortgage rate has declined for the fifth consecutive week, now sitting at 6.67%, down from 6.90% a month ago.
Fed Policy Outlook: While the Federal Reserve is not expected to cut rates in July, there’s a strong possibility of a rate cut in September, which could further ease mortgage rates.
Market Forecast: Most analysts expect mortgage rates to remain in the mid-6% range through July, with potential to dip toward 6.1% by year-end if inflation continues to cool.

Buyer Strategy: With rates trending downward, prospective buyers are encouraged to monitor their credit and prepare for potential refinancing or purchase opportunities.

Rate Comparison Chart
Here's a chart comparing today's rate with the average over the past 30 days:

10/22/2024

Find out if it's time to sell your home
How much is your home worth? Type your property address and get a quick home estimate.

How much is your home worth? Type your property address and get a quick home estimate.

10/22/2024

Top tips for comparing property coverage rates
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Finding a competitive home insurance quote requires understanding your coverage needs, gathering multiple quotes, and looking for discounts. Assess the value of your home and consider location-specific risks. Use online tools to compare quotes and consult agents for potential discounts. Evaluate ins...

10/21/2024

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10/20/2024

Milton poses threat to Florida property insurance market
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10/19/2024

How To Apply for a Mortgage Online
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10/18/2024

The Real Deal on Mortgage Points
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