The coronavirus prompted the Federal Reserve to implement an emergency rate cut, which has driven mortgage rates to record lows. However, there are signs that the cut may not be enough to drive more buyers into the market as is evident with a drop in sales of existing homes in January.
Mortgage refinancing is also sky high prompting Ester Phillips, Senior Vice President of Sales at Mortgage Services Inc. to say, “You can never anticipate a drop like this, and there’s no way you can staff up fast enough.”