Mortgage requests are up.
Zillow.com reports record-breaking traffic and loan request activity within its free marketplace for custom mortgage quotes, Zillow Mortgage Marketplace.
Over the past three months, as mortgage rates dropped to their lowest levels in years, consumer interest in refinancing soared. More than 70,000 loan requests were submitted from borrowers on Zillow Mortgage Marketplace in the December through February time period, with the average number of daily loanrequests up 142 percent in this same period versus November 2008. Refinancing requests accounted for more than 60 percent of all consumer loan requests over this three-month period.
Meanwhile, increased consumer interest in refinancing and dropping homeprices resulted in a series of record traffic months for Zillow.com. February traffic reached 7.9 million unique users, which is up 60 percent year-over-year.