Mortgage rates hit new lows and applications to refinance fell for
the third straight week. It defies logic, unless of course you operate
in today's tight mortgage market.
It's not just about the rate anymore. Negative equity, strict
underwriting and big bank backlogs are keeping many borrowers from
taking advantage of these incredibly low mortgage rates.
"If history is any lesson, the only thing that can really extend refi
activity in a low rate environment is a loosening of underwriting
standards to bring more borrowers into the market. And that is not
likely to happen anytime soon," said Guy Cecala of Inside Mortgage
Finance.
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