I am just off the phone from calling a few major mortgage lenders about what’s up with refinancing now that we’re a few days past the Fed cut. Because, according to Bankrate, you can newly find 30-year fixed conforming loans out there for 5.0-5.2%, which is the sort of thing that gets people’s attention.
The upshot: Mortgage lenders are literally swept off their feet right now. They are reporting major call volume increases, as much as 10x and more, to the point that they are using call centers to handle the massive load. Is there a refi boomlet underway? We will see.