Homebuyers are coming out of coronavirus isolation and are swarming back into the housing market, lured by falling house prices and some of the lowest mortgage rates ever seen.
A trade group reports that applications for homebuyer mortgages have been rising for weeks and saw a particularly big jump last week.
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With interest rates falling to the lowest level on record, this should be a banner time for households in search of a new mortgage
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With help from Chairman Jerome Powell and the Federal Reserve, mortgage rates are starting to fall to levels that would have seemed impossible a few months ago.
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Mortgage rates fell again today. Whereas yesterday’s improvements arrived in choppy fashion only after many lenders quoted higher rates in the morning. Today’s improvement was more conclusive and more consistent from lender to lender. While there were a handful of mid-day improvements in response to bond market strength, most lenders were at least as low as they’d ever been to start the day. Many lenders were decidedly lower, bringing the average top tier conventional 30yr fixed quote dangerously close to cracking below the 3.0% barrier.
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If you’re in the mortgage business, fasten your seatbelts. Refinance volume is set to spike to a 17-year high this year as mortgage rates fall to the lowest levels ever recorded, Fannie Mae said.
Even as other parts of the economy tank, lenders will originate $1.5 trillion in refis in 2020, a 51% jump from 2019, according to the forecast. That would be the highest level since 2003 when $2.5 trillion of mortgages were refinanced, according to data from the Mortgage Bankers Association.
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Fannie Mae and Freddie Mac have announced additional relief options for homeowners struggling due to the COVID-19 pandemic.
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