January Sees Huge Spike In Refinancing
SOURCE: Seeking Alpha
The first three weeks of January have brought a huge spike in residential mortgage refinancing. This can be attributed in part, to the stimulus package the government has been working on. This package has raised the limit on the size of mortgages that can be bought by the GSE's. Some of the spike could be a result of homeowners who are distressed or not taking advantage of the reduced interest rates.
Overall, financial providers have reduced their online advertising spending by 17% on a month to month basis. It isn't clear whether the reduction in advertising has been driven by the need for an overall budget cut, or if the backlog of refinances in the cue has prompted lenders to hold off on advertising until the number of people moving through the system has cleared.
No matter what, the current mortgage industry dynamics are changing and every lender will be doing everything possible to continue to provide loans for homeowners as well as achieve the lean business model that it will take to survive.
Read full report »
The first three weeks of January have brought a huge spike in residential mortgage refinancing. This can be attributed in part, to the stimulus package the government has been working on. This package has raised the limit on the size of mortgages that can be bought by the GSE's. Some of the spike could be a result of homeowners who are distressed or not taking advantage of the reduced interest rates.
Overall, financial providers have reduced their online advertising spending by 17% on a month to month basis. It isn't clear whether the reduction in advertising has been driven by the need for an overall budget cut, or if the backlog of refinances in the cue has prompted lenders to hold off on advertising until the number of people moving through the system has cleared.
No matter what, the current mortgage industry dynamics are changing and every lender will be doing everything possible to continue to provide loans for homeowners as well as achieve the lean business model that it will take to survive.
Read full report »
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