Interest rates spark business for mortgage companies
Mortgage companies are seeing a spike in applications thanks to a drop in interest rates. Companies like Assure Mortgage Bankers in Wall Township say they?ve been flooded recently. The development has
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Jan 3, 2009, 12:05 AM
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Updated 6,037 days ago
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Mortgage companies are seeing a spike in applications thanks to a drop in interest rates.
Companies like Assure Mortgage Bankers in Wall Township say they?ve been flooded recently. The development has brought a sigh of relief to many in the business, at least temporarily.
?Business has been great the past couple of weeks,? says Bob Conti. ?I?m so glad rates have come down to a level, where they can have a little more confidence in the market.?
Assure Mortgage Bankers was closing about six mortgages per month during 2008. They closed 14 last month, crediting interest rates at their lowest point in 37 years.
Conti points at the companies busy last month as a sign of the bailout?s productivity.
"With the legislation and everything that the government is trying to put in place, I think the rates are going to come down sharply,? he says. ?I think the housing market is going to revive itself."
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