The coronavirus pandemic has led to a dramatic decline in mortgage rates. But that doesn’t mean now is a good time to refinance for everyone.
When rates hit their first record low of the year back in March, it triggered a deluge of refinancing activity just as many lenders were transitioning to remote work environments because of the spread of COVID-19. That led to a massive backlog at some lenders, with some borrowers waiting weeks to close their refinances.
By Jacob Passy | Jun 25, 2020