Mortgage-Refi Fever Sweeps U.S., Forcing Brokers to Scramble
- With rates at their lowest since 2016, homeowners pile in
- Banks’ mortgage-lending units are smaller, brokers are swamped
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Suddenly, mortgage broker Mark Livingstone is working weekends and spending his meager free time reading resumes because he needs help handling the crush of refinancing applications.
Rates for 30-year mortgages are at their lowest since late 2016, sending many previously hesitant homeowners to their brokers. Under normal circumstances, new-home purchases make up 70% of the business at Cornerstone First Financial, Livingstone’s Washington, D.C.-based company. These days, it’s 70% refinancing.