Here we arein October already. There are two primary concerns for Orion’s management and employees. The first and foremost is providing our broker clients with the best service, best price, and wide range of products. We are not here to play pricing games or make headlines, but instead to offer reliable, stable, no-nonsense lending. The second is the general interest rate environment. Interest rates impact every lender, regardless of size, and can’t be controlled by us. But Orion and our Account Executives can control the product, prices, and service that we provide.

For many years Orion has offered superior pricing and service, and our AEs’ best source of business is from referrals provide by previous clients. Whether it is“vanilla” products such as FHA & VA, or conventional conforming (Freddie Mac and Fannie Mae) programs, various bond programs, jumbo/high balance, adjustable-rate loans, the list goes on and on. Our AEs spend most of their days finding just the right program for your clients.

Turning to the economy, since it does impact mortgage rates, consumers continue to keep the economic momentum going despite signs that the economy is slowing. Spending rose 0.1 percent in August and consumer confidence was at its highest level over the last six months. While this resilience on the part of households has not caused analysts to waive off the possibility of a recession next year, it has shifted the expected timing to later in the second quarter vs. earlier in the year.

Additionally, this reluctance to pull back on spending will also keep pressure on prices andon the Fed as well to continue to tighten monetary policy. The main effect of the Fed’s monetary stance to date is on the housing market which saw mortgage rates reach their higher level since 2000 as they approach 7 percent. A brief respite from higher rates towards the end of July led to a near 30 percent spike in new home sales for August.

Home buying demand remains strong however, affordability is the main factor holding back potential buyers. Given the ability to refinance when rates eventually move lower, easing home prices help spur additional home buying over the coming months. Orion is here to help brokers and your clients either with their purchase or their refinance, focusing on the right products and pricing, and providing great service, regardless of the general interest rate climate!

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