, mortgage rates fell again to a three-year low. According to Freddie Mac, rates were at the lowest level since 2013 when it slipped to 3.58 percent for a 30-year fixed-rate mortgage. With rates on a downward slope, mortgage offices across the nation are feeling the effects.
“It is super exciting to get into the office and explain to clients that the rates are in the 3s,” said Laura Leonhard, branch manager with Inlanta Mortgage, a national mortgage banker. Located in central Wisconsin, Leonhard’s office is experiencing one of its best years ever, exceeding the last five years in loan buying year-to-date.
Yvette Clermont, branch manager at Inlanta’s Lakewood Ranch, FL branch said the reduced rates “helps spur activity.” Because this year is an election year, some people are concerned about what’s going to happen in the market, she said. “Having the interest rates low is just another push to have buyers do something before the rates wiggle back up. It has created a wave of interest,” said Clermont. Her office in on the west coast of Florida has seen a spur of activity, with more preapproval requests than ever before and calls coming in from potential clients asking, “what actually is available for me.”
“There seems to be more of a sense of urgency for people to buy now and a lot of it may have to do with people that have been sitting on the sidelines for a long time,” said Jim Synder, branch manager at Inlanta’s Milwaukee branch. “The spring market has been very active.”