RE-FI Binge Creates Logjam For Purchase Loans
The Mortgage Bankers Association recently reported that mortgage applications were at the highest levels in more than five years. Interest rates for 30-year benchmark fixed-rate loans dropped below 5 percent interest for the first time in half a century, spurring 80 percent of applicants to refinance their mortgages.
“Remember the (well-deserved) lender carnage over the past 12-18 months?” says Reed. “Lenders went out of business left and right and along with them their bevy of loan officers.” And, there are fewer mortgage brokers in the business as well, he adds.
Blanche Evans is CEO of Evans Emedia, Inc. and publisher of The Evans Ezine. As an award-winning journalist, Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and twice recognized as one of the industry's most "Notables."
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