According to an index compiled by the Mortgage Bankers Association, home refinancing applications increased 83% from this year's low point. After rising above 5% that month, the average 30-year mortgages with a fixed rate dropped to 4.15% a few weeks ago. According to Freddie Mac, these were the lowest interest rates ever recorded in surveys dating back to 1971. HUD indicated in a recent press release that FHA mortgage rates had dipped again into record territory.
The increase in refinance applications took some lenders and banks by surprise. In April, Wells Fargo said it aimed to cut 4,500 employees from its mortgage unit. Codel says the bank closed down a handful of home refinance offices it had opened around the country that employed as many as 300 back-office workers each. Wells Fargo is now contacting staff members it let go and holding job fairs in an effort to hire mortgage professionals as soon as possible.
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