Homeowners and would-be homebuyers have found today’s deeply cheap mortgage rates impossible to resist and have stepped up their borrowing, a lenders trade group says.
Rates have been dropping from one record low to another — in multiple surveys — as part of the financial fallout from America’s worsening coronavirus epidemic. The numbers of cases and deaths have been rising in multiple states, causing investors to worry that it’ll take a long time for the U.S. economy to get back on its feet.
As a result, mortgage rates that are lower than ever are allowing both new borrowers and refinancers to score loans offering huge monthly and lifetime interest savings.
Mortgage demand pipes up
Overall mortgage applications rose 2.2% in the week ending July 3, the Mortgage Bankers Association, or MBA, said Wednesday.
Mortgage demand increased last week as rates on