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June Newsletter 2024

Updated: Jun 27

Essex Mortgage June 2024 Newsletter banner over a beach with summer written in the sand.
Hello Summer written over a beach ball, sunglasses, starfish, and sandals resting on the sand.
See what Essex has been up to this month! We hope you have a fun and relaxing summer!

Every month we post to our social accounts but sometimes, that gets lost in the massive amounts of content found online at any given moment. Keep up to date with us in our blogs and monthly newsletters.

Essex Mortgage Juneteenth social media graphic.

Here's what you'll find in this newsletter:

page 1


Top Loan Officers & Employee Spotlight

Top Loan Officers from last month:

Christopher Collins, Keith Murphy and Fred Itzkovics

Headshot of Essex Loan Officer Christopher Collins.


"Christopher made me feel like priority # 1. Ahead of the curve when relaying information and having docs prepped for our numerous offers made. Couldn't be happier with the quality of service Mr. Collins provided. Pointing everyone to Essex Mortgage."

- Branden M., CA

Headshot of Essex Loan Officer Keith Murphy.


"Keith and Team were AMAZING! They were extremely professional, thorough, and diligent in getting our loan funded within the short period of time that we had. Hands down the best of the best! They exceeded our expectations."

- Mariam J., CA

Headshot of Essex Loan Officer Fred Itzkovics.


"Fred is the best. I have done three loans with him. A testament to his outstanding service."

- Yuan Y., CA


Employee Spotlight:

Sandra Reddick | Investor Reporting Manager

Social media employee spotlight post for Essex employee Sandra Reddick.

Question: How long have you worked at Essex?

Answer: 1 year, just celebrated my first Work-Versary!

Question: Why do you like working at Essex?

Answer: The complexity of our work, the unparalleled leadership team we have in place, and the opportunity for growth. I’m a High Performer, the environment at Essex was designed for me to grow and thrive!

Question: What's a fun fact of yours?

Answer: I started cycling about three years ago, and I've ridden thousands of miles since. I’ve done both off-road mountain biking but prefer performance racing. I took the plunge this year, I'm training toward racing competitively!

Question: What is your go-to movie theater snack?

Answer: Hands down, popcorn!

page 2


About Essex Mortgage

Community Appreciation: Florida Cancer Specialists Foundation

The Florida Cancer Specialists Foundation is a nonprofit organization that provides financial assistance to adult cancer patients in Florida. They help cover non-medical expenses such as rent, mortgage, car payments, and utility bills, enabling patients to focus on their treatment without the burden of financial stress. The Foundation is part of the larger Florida Cancer Specialists & Research Institute, which has built a national reputation for excellence in cancer care and research over the past 40 years.

If you would like to learn more or donate, click the link:

Florida Cancer Specialists & Research Institute welcome sign.


Essex Mortgage President Roland Weedon

Our Story

Hailing from Essex, England, Roland Weedon founded Essex Mortgage in 1986. With a background in education, Roland remained adamant that educating the client wouId be the company's number one priority. Today, Roland still holds to the fact that an educated client is best equipped to make decisions that are not only in their best interest, but also help in achieving both short and Iong-term goals.

page 3


Mortgage Education

Commitment Letter

A commitment letter is a formal document from a lender that confirms the borrower has been approved for a mortgage. The letter outlines the details of the approved loan, including the total amount that can be borrowed (loan amount), the number of years to repay it (term), the interest rate, any upfront fees (origination fee), the yearly cost of the loan (APR), and the estimated monthly payment.

Fixed-Rate Mortgage

A fixed-rate mortgage is a type of home loan where the interest rate does not change over the entire life of the loan. This means that the borrower's principal and interest payments will remain the same each month. Even with fluctuations in the market, the borrowers interest rate will be locked in place.

Private Mortgage Insurance

Private mortgage insurance (PMI) is a type of insurance that is for the purpose of protecting lenders against loss if a borrower defaults on the loan. Only conventional loans may require PMI, as other types of loans, such as FHA loans and VA loans have their own types of mortgage insurance. Generally, most lenders require MI for a loan with a loan-to-value (LTV) ratio in excess of 80 percent.

page 4


Essex Mortgage News

Industry News

30-Year Fixed Mortgage Interest Rates

"Borrowers paid an average rate of 7.48% on a 30-year mortgage. This was up from the previous week’s rate of 7.43%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.50%. This is higher than last week when the APR was 7.38%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.48% will cost you about $698 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $151,274 in total interest over the life of the loan." (source:

The rates found above are from June 12th and are subject to change. Use our loan calculator tool to determine your estimated monthly payments for different loan amounts, interest rates, and term lengths.

15-Year Fixed Mortgage Interest Rates

"Today’s 15-year mortgage (fixed-rate) is 6.71%, up 0.07 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.64%.

The APR on a 15-year fixed is 6.75%. It was 6.59% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 6.71% will cost $883 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $58,925 in total interest." (source:

The rates found above are from June 12th and are subject to change. Use our loan calculator tool to determine your estimated monthly payments for different loan amounts, interest rates, and term lengths. Freddie Mac Updates

"The Freddie Mac fixed rate for a 30-year mortgage decreased by .04 percentage points to 6.99% this week. Meanwhile, the 10-year Treasury yield now sits at about 4.3%, which is down a full 30 basis points from last week’s high of 4.6%. While homebuyers are certainly welcoming the marginal drop in rates, they remain near two-decade highs and continue to present challenges to both buyers and sellers alike." (source:

At an interest rate of 6.99%, a 30-year fixed-rate mortgage is estimated to cost $1,140 per month in principal and interest, private mortgage insurance, and property taxes and insurance for a loan of $100,000. (source: My Home by Freddie Mac)

The rates found above are from June 6th and are subject to change. Use our loan calculator tool to determine your estimated monthly payments for different loan amounts, interest rates, and term lengths.


Need a loan officer?

Visit our Find a Loan Officer page to find a loan officer near you!

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