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.
I have spoken to mortgage brokers and representatives I know and they are seeing rates at or slightly below 3%. I’m told rates could drop lower still.
Read the full article here: Mortgage rates lower…