Precision Targeting in a Booming Refi Market

SITUATION

The relationship between mortgage rates and products will always be an inverse one. Whether it’s a purchase or refinance, as the rates go down, consumers strive to seize the opportunity to better establish their home equity. In January 2021, mortgage rates for a 30-year fixed mortgage fell to an all-time low (2.65%) since Freddie Mac started surveying lenders back in 1971. Meanwhile rates for a 15-year mortgage dropped to 2.15%. Many of us never thought we’d see a day like this.
The most popular choice for consumers right now is to refinance, especially for those who have been in their homes for 10 or more years, as rates have reduced by half since then. Refinance rates, while slightly higher then purchase rates that are hovering around 2.58-3.45%, are still incredibly low.

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