With mortgage rates at record lows, banks and brokers scramble to deal with refinancing rush [MSNBC.com]
Wells Fargo & Company (WFC)
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Source: MSNBC.com
The country’s volatile stock market has a silver lining for homeowners -- record low rates. Wall Street investors buying up bonds and Treasury bills have caused mortgage rates to drop dramatically. The current rate for a 30-year fixed mortgage is 3.47 percent, a rate last seen in December 2012, when the European debt crisis drove rates down, according The rate drop has led to a surge in mortgage applications. The volume of applications increased around 55 percent last week from the week before, “Since last summer the refinance volume has been strong,” said Mike Fratantoni, chief economist with the Mortgage Bankers Association. “It was more of a low boil.” “Rates are to the point where now anybody who has received a mortgage is eligible to improve their rates." Mortgage brokers and lenders have been overwhelmed with applications. Quicken Loans, which owns about 6 percent of the mortgage market, received more than $4 billion in applications between Friday and Sunday -- the largest three
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