From USA Today. Dropping interest rates have led to a surge in homeowners wanting to refinance. More than 85% of all mortgage activity involved refinancing applications, the Mortgage Bankers Association said this week.
Lenders are swamped by the tsunami of refinancing requests.
Many have shed staff the past couple of years as the housing market slumped. Now they lack the manpower to quickly process refinancing requests.
Here’s a thought: Can the surge in refinancing that saves borrowers on mortgage payments, stimulate the economy?