Mortgage Rates Could Be Even Lower, But Lenders Are Struggling To Keep Up With Demand
The 10-year plummeted to yet another record low overnight, but mortgage rates, while also at a record low, are slower to fall. One borrower who called Bank of America on Saturday was told there would be a two-hour wait to speak with a loan officer. “It’s absolute pandemonium,” said Matt Weaver, vice-president of sales at Cross Country Mortgage. “The industry right now is certainly inundated with requests. Let’s put it this way, we are like Home Depot during a hurricane.”
A sharp drop in mortgage interest rates has sparked a sudden and unexpected refinance boom that has lenders large and small scrambling to handle the volume.
That stress on the lending market, as well as increased risk to mortgage investors from all those refinances, is actually keeping mortgage rates higher than they could be.
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