Mortgage Lenders Increasing Rates to Deal with Current Demand

Last week interest rates hit an all time low; now some lenders are apparently inflating their advertised mortgage rates on comparison sites in order to slow the influx of mortgage applications; HousingWire spoke to lenders, mortgage brokers and mortgage professionals who confirmed this; on some sites there are also fewer quotes from lenders than are typical; according to HousingWire’s research some rates ranged from 4.75% to 6% on Bankrate for a refinance; results were similar on Zillow, Trulia and CreditKarma; Redfin’s site simply didn’t return any results for a 30-year refi; it remains to be seen whether rates will be lowered once lenders deal with loans currently in their pipeline. Housing Wire

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