Quicken Loans CEO: Don't expect mortgage rates below 3%
The past few years have been a roller-coaster ride for the mortgage industry, as interest rates have seesawed up and down.
Read more:Mortgage rates fall to all-time low amid coronavirus concerns — here’s why Americans may not take advantage of them Interestingly, one of the things we’re talking a lot about is people moving from a 30-year to a lower term, a 20-year or 15-year, because rates are so low, they can get a payment today at a 15-year that is similar to a payment they would have made four or five years ago on 30-year when rates were in the fives, yet they could pay their home off in 15 years for far less interest.Farner: There’s a supply and demand issue here.
MW: After Quicken Loans introduced Rocket Mortgage in 2015, with the promise to expedite the closing process by two weeks, it pushed other lenders to ramp up their efforts to digitize and speed up mortgage originations. What do you see as the next big trend on the horizon when it comes to improving the user experience for mortgage borrowers?
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