#W2WTW What to Watch This Week
The refi market is...back?
According to Black Knight, 4.9 million homeowners who can now decrease their interest rates by at least 0.75% would say so. Last week, the mortgage market saw the biggest drop in rates (22 basis points) in over a decade, opening the door to a potentially big refi arena in the coming months.
This is coming not longer after the Fed announced its plan to hold off on raising interest rates for the remainder of the year. As rates are down and refi business is expected to spike, lender and loan officers need to re-calibrate in order to take advantage of the sales opportunities set to present themselves.
March 2019 mortgage rates forecast (FHA, VA, USDA, Conventional)
Mortgage rates have quietly hit one-year lows. The surprising thing is that mortgage consumers aren’t jumping on these rates. Sure, mortgage applications increased more than three percent the week of February 20 according to the Mortgage Bankers Association. But this is a tiny increase after an 11% decline over the previous four weeks.