By now you’ve probably heard about the economic impact the Coronavirus pandemic is having on the United States. And if you’ve been following those developments, then you’ve probably heard about the tremendous number of refinances taking place due to low mortgage rates.
The Mortgage Bankers Association states that first week of march 2020 saw the highest number of refinancing applications since April 2009.
Jet Direct Mortgage CEO, Peter Pescatore states that the company has seen an increase in refinance interest as the Coronavirus continues to affect the economy.
“Rates have been considerably low lately,” said Pescatore. “It’s no-wonder so many people are looking into refinancing.”
Though there does seem to be some confusion between home loan interest rates and federal reserve interest rates. Refinancing cannot be done at a zero percent interest rate. The zero percent rate only exists between banks.
Though it may be a great time for you to refinance while rates are low, the process may move slower than usual due to the increase of applications.
“We’re doing our best to keep up with the influx of originations,” said Pescatore. “We want to make sure everyone that wants to refinance, does. Folks can help speed up the process by using our mobile app, Jet Direct Mobile."