Mortgage rates have taken a nose dive over the past week as 30 year fixed rate mortgages drop to 3.625% and 15 year loans fall to 2.990% for the first time in the past two years.
What is causing the drop in rates?
Lower than expected retails sales numbers have been a contributing factor, but also recent terrorist attacks abroad are causing significant turmoil for the economy in the short term.
In the long term, technology is playing a role in keeping rates low. More than ever before, retail banks are competing with online mortgage brokers like HomeJab who use technology to make the process more efficient. By bypassing the banks, consumers can close loans with fewer costs and lower interest rates.
HomeJab allows borrowers to lock in the best mortgage deals online without having to call a bank or speak with an annoying sales person. Mortgages are approved in less than two days and you can contact our support team 24/7.
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