- The Washington Times - Friday, April 3, 2020

As the COVID-19 pandemic spread across the world, mortgage refinance applications skyrocketed, according to a new report.

Data from LendingTree, an online company that connects borrowers and lenders, revealed refinance applications have tripled since this time last year, with Washington, D.C., as one of the top 10 metro areas seeing a high rate of requests.

“A mortgage refinance, particularly at these historically low rates, presents an attractive opportunity for homeowners,” said Tendayi Kapfidze, the chief economist for LendingTree.

“Compared to a year ago when rates were 1 percentage point higher, consumers save nearly $60 per month — or $700 per year in payments — for every $100,000 borrowed. Interest savings add up to about $20,000 over the 30-year term of a typical mortgage,” he added.

Mr. Kapfidze noted areas with greater home appreciation are better placed to take advantage of the refinance options.



San Francisco was the No. 1 city with the highest rate of refinancing applications, coming in at 417 percent growth.

Raleigh, San Jose, Austin and Seattle followed in the top five.

Washington was noted in the report’s sixth spot with a 366 percent increase in refinance applications.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2020 The Washington Times, LLC. Click here for reprint permission.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide