Mortgage Rates Near 6% Are Enough to Start Up a Refinancing Wave
- Volume last week was 3 times higher than last year, per MBA
- How much more activity can pick up depends on how low rates go
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Jim Horgan has had a rough couple of years. As elevated interest rates created the worst housing market for sales in nearly three decades, the suburban Boston mortgage branch manager had seen his team of loan officers dwindle from eight to one, and getting customers was a slog.
He’s striking a decidedly more upbeat tune now. He says his Needham, Massachusetts branch of Paramount Residential Mortgage Group took in more mortgage applications in September than any other month this year. He’s planning to add three loan officers to his staff, calling those who stepped away when times were lean and suggesting they reactivate their licenses.