After a major set of cuts recently by the Fed, the Mortgage Genius thinks this is setting Feb. to be record breaking for the financing industry.
Vince Farrell, managing director of Scotsman Capital, says "I think that with 30-year fixed mortgage where it is right now, 50% of all conventional mortgages are resetable or refinanceable, and I think that’s a big deal.
"As recently as last summer, rates on 30-year fixed loans were about 6.5 percent, and once the Fed actually settles out at the end of the week, we’ll probably only be in the low fives, which will be a two to three year low," according to Spencer Rascoff, chief financial officer of Zillow.
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