A sharp drop in interest rates last week suddenly made millions more borrowers eligible for a mortgage refinance.
A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages.
On a $300,000 mortgage a refinance of, for example, 4.81 percent to 4.06 percent would save the homeowner about $133 per month. On a $600,000 loan, it would be twice that savings, or $267 per month. "Our call volume has definitely ticked up," said Matt Weaver"We are servicing the calls coming in, but we are also reaching out."
One issue in the housing market for both buyers and refinancers has been appraisals. Home prices inflated so quickly that some appraisals were not keeping up. Now that home prices are cooling, that is the case less often.
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