Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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Appearances
There are a lot of things that go into a rate, but increasingly, the rates that are being advertised for purchase mortgages are a lot lower than for refinances.
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A purchase mortgage has had an advertised rate of just over 3%, 3.14%, according to the rates that are advertised on bankrate.com, personal finance website.
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For a refinance loan, the advertised rate is actually a lot higher.
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It is 3.39%.
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So there really is kind of a quarter of a percentage point difference there between purchase and refi.
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So it's really widened out over the last couple of months.
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And it's definitely the widest it's been in a number of years.
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2018, 2019, early 2020, these two rates basically tracked each other pretty closely is what we found.
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And then when the pandemic unfolded, you sort of had a divergence start to open in these rates and purchase rates fell a lot quicker than refinance rates.
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And that's recently widened out even more.
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So there's a couple of things going on here.
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The first thing is that purchase mortgages, they've always sort of been something that mortgage lenders have sort of valued a bit more than refis.
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If you think about a purchase mortgage, it takes a lot more work to get it done, but it can lead to more referrals down the road.
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It can lead to refis down the road.
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It's
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the basis of a solid mortgage lending business.
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A refi, on the other hand, is really just kind of a function of rates.
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People come to you to refi when the rate is low enough that it's worth it for them.
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It's not really quite the same in terms of a relationship business.
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The other thing that has happened is you've had just a tremendous amount of demand for refis.
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Showing 621–640 of 1,467 · page 32 of 74
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