Mortgage rates climbed in response to the hawkish comments from the Fed, confirming they will likely raise rates at least one more time before the end of the year. The next Fed meeting is on October 31st and November 1st.
Average Rates (as of October 6th, 2023)
Residential 30-Year @ 7.49%
Multifamily 5/30 @ 6.65%
Agricultural 25-Year @ 7.25%
Lumen Mortgage News
Hot this month: Pumpkin Spice Everything & Agricultural Properties
Despite recent rate hikes, our customers continue to seek new homes for their families, and many are searching for homes with higher acreage and in more rural locations.
Agricultural zoning, ag use, outbuildings, multiple residences, and income-producing attributes such as hay leases, horse boarding, and farming can make a property ineligible for conventional financing.
At Lumen Mortgage, we specialize in financing agricultural properties. We have competitive loan options for farms, ranches, vineyards, equestrian estates, even recreational land.
Lumen Mortgage has a full spectrum of financing for Residential, Multifamily, and Agricultural properties.
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