Audioburst Search
|

Coming up next

Should You Refinance Your Mortgage Now? Maybe. Maybe Not.

Business Wars Daily
|
2 months ago

US company trials coronavirus vaccine candidate in Australia

AP 24 Hour News
|
5 hrs ago

Schools reopen abroad with new rules to keep faculty and students safe

Newsradio 950 WWJ 24 Hour News
|
10 hrs ago

New York public workers killed by virus to get line-of-duty death benefits

Dave Ramsey
|
11 hrs ago

Feds looking at Ahmaud Arbery's death as a hate crime, attorneys say

The Frankie Boyer Show
|
12 hrs ago

Family says Stanley Ho, the Macao casino tycoon considered the father of modern gambling in China, has died at 98

America's First News
|
1 hr ago

Trump threatens to move Republican National Convention out of North Carolina

All Things Considered
|
13 hrs ago

Shoppers call out woman without mask at Staten Island store in New York City

Tim Conway Jr.
|
11 hrs ago

Grimes says she and Elon Musk changed baby's name

Orlando's Evening News
|
14 hrs ago

Outrage Grows Over Boris Johnson Aide's 260-Mile Trip During Lockdown

BBC World Service
|
6 hrs ago

Hong Kong Security Law - Carrie Lam Dismisses Concerns Over Rights

BBC World Service
|
6 hrs ago

Burst Details

Should You Refinance Your Mortgage Now? Maybe. Maybe Not.

|
2 months ago

Automatic TRANSCRIPT

Try to refinance your mortgage. We sounds like fun. Doesn't it. Well you know it could be worse right. Look mortgage refinancing applications SPIKE ABOUT EIGHTY PERCENT. Two weeks ago in response to a sudden dramatic drop in the interest rate average. Thirty year fixed. Interest rates dropped to three point two nine percent. That's the lowest since mortgage by Freddie Mac started tracking in one thousand nine hundred seventy one according to the Associated Press some eleven million Americans with mortgages could save money by refinancing according to Bank rate earlier. This month you know about one hundred years ago in Corona virus time. The New York Times predicted that the opportunity to sell millions of loans would be a boon to the country's largest mortgage lenders now those are respectively quicken loans and Wells Fargo quicken washed its digital only rocket mortgage in two thousand fifteen with its. Ad Campaign push-button get mortgage. The company disrupted the state industry. Rapidly rose to the top as rockets do by two thousand nineteen quicken was the country's number one mortgage originator with more than one hundred forty billion dollars in loan volume according to trade publication inside. Mortgage Finance Wells. Fargo was number two with about ninety five billion dollars in funded mortgages the New York Times predicts that the surge in refinance applications will be good for lenders however ultra low interest rates also put pressure on lenders profits and of course the picture couldn't be more unpredictable or complicated because of other economic factors like a potential recession that could force some people default on all kinds of loans that would also reduce bank earnings clearly so says the Wall Street Journal in the story gloomily entitled. Everything is awful all at once for. Us banks. But we digress. Now it would seem to be a great time to refinance a kind of a couple of reasons to think maybe not so much I. The process could be time consuming. Right second though systemically. Low rates quickly became harder to find last week. The average rate rose slightly but the rates lenders were actually offering spiked on March eleventh by March. Twelve it was hard but not impossible to find a lender advertising a thirty year fixed rate under four percent ben laying a rider with the online site. Housing wire suggested that some lenders are inflating their advertise mortgage rates to try to stem the tidal wave of mortgage applications. One Lender told CNBC. Just that there were advertising rates as high as seven percent. But if you could get through to a mortgage processor you might get alone for less than three percent. The inflation stemmed from lenders need to process the flood of applications. They've already received not an easy task. Many trunk their staffs over the past several months anticipating higher interest rates the perfect storm fewer workers more applications left lenders overwhelmed Matt Weaver Vice President of sales at Cross Country Mortgage Tolsey NBC. That it's absolute pandemonium. Those are his words. He likened the activity at his company to Home Depot during a hurricane. Wells Fargo said. It's hiring additional employees and shifting workers from other departments according to the AP but the surge is also putting pressure on related professionals like appraisers entitled firms. You have to have both to close alone right. Kevin Williams of Gainesville appraisal service in Florida says some appraisers overwhelmed by business or