Your Phone Could Help Make Mortgage Bond Traders Miserable
- Improved technology is shortening refinancing response times
- Over $1.2 trillion worth of mortgages have incentive to refi
Photographer: Kiyoshi Ota/Bloomberg
This article is for subscribers only.
A massive wave of homeowners now has an incentive to refinance their mortgages and they could find the process faster than it’s been in recent memory thanks to technology improvements.
Borrowers of about $1.2 trillion of home loans could save at least half a percentage point of interest by refinancing, according to data compiled by Brean Capital. That’s about five times the mortgages eligible for refinancing at the end of last year. Borrowers are benefiting from mortgage rates that have reached the lowest levels since 2016 as the Federal Reserve appears to be moving closer to easing monetary policy again.