Refinance

With interest rates at historic lows and recent increases in Tucson, Ariz., home values, many jittery homeowners impacted by the coronavirus outbreak are looking to refinance to get their hands on cash.

Mortgage technology efforts have historically been behind the curve, but some recent responses to the coronavirus highlight instances where it rises to the occasion.

Residential estate brokers and agents are scrambling to determine what Massachusetts Gov. Charlie Baker's emergency order means for their industry.

There was a nearly 30% week-to-week decline in loan applications as Americans reacted to the uncertainty, both economic and medical, from the spread of COVID-19, according to the Mortgage Bankers Association.

While the mortgage market began the year healthy, lenders and borrowers need to prepare for the impacts of the coming coronavirus recession.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

It has all the trappings of a routine mortgage refinance closing. The mortgage broker, the lawyer and the homeowner, all signing off on the paperwork that will cut the interest rate on a home.

Mortgage rates rose sharply this week as originators looked to manage the overwhelming demand from consumers, according to Freddie Mac.

Mortgage application volume decreased 8.4% compared with one week earlier as lenders managed activity by raising rates even as 10-year Treasury yields fell below 1%, according to the Mortgage Bankers Association.

With small businesses feeling the financial scourge of the coronavirus, bridge loans could be the direction they turn to keep things afloat.