Home owners and home buyers across the nation are thrilled to have an opportunity to secure a mortgage rate that is the lowest rate ever offered in the US. During a year that has seen a pandemic and civil unrest, the nation also enters a time where the average lender is offering mortgage rates that are below 3%.
Lenders across the US are struggling to keep up with the Mortgage Refinance Boom. The recent Federal Reserve rate cut has motivated many homeowners that were waiting for the right time to refinance to make their move and file an application. Major lenders are doing their best to meet the need including hiring new loan underwriters, processors, and closers. Purchase application volumes have also increased to the highest level in over 11 years, which is adding to the pressure on the entire mortgage industry affecting lenders, appraisers, and title companies.