Mortgage rates are beginning to show some positive results for rebuilding the mortgage industry. Record low mortgage rates have spurred a surge in homeowners wanting to refinance. According to a report from Mortgage Bankers Association, over 85% of new home loan activity involved refinancing applications.
Mortgage lenders are swamped by the giant wave of mortgage refinancing requests. Many have shed staff the past couple of years as the housing market slumped. Now they lack the manpower to quickly process refinancing requests. “Lenders aren’t prepared for the surge,” says Mark Zandi of Moody’s Economy.com. Some mortgage lenders are even hiring more people to accommodate the growing demand for refinancing. Read the complete article online. Mortgage Refinancing Activity Skyrockets.