Riding the Refinance Wave: The Role of a Contract Mortgage Processing Provider
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Mortgage Refinance Trends in 2020
\\n2020 has seen a strong start in the mortgage business for new home loans and refinances. In the first month itself, refinancing led the surge, thanks to a drop in mortgage rates. According to data from the Mortgage Bankers Association (MBA), applications for refinance jumped 43% and were 109% higher than a year ago. The refinance share of mortgage activity increased to 62.9% of total applications from 58.9% the previous week.
\\nMBA economist Joel Kan noted that refinances increased for both conventional and government loans, as lower rates provided a larger incentive for borrowers to act. Trends like these are an indicator towards a possibility that mortgage rates may continue to stay low for most of 2020. This would help the home buying market as well as refinancing activity, which would mean that there are chances of loan applications going up as compared to the early part of 2019. Continue reading...
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