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Mortgage rates remain low by historical standards, but volatility in the market means rates are fluctuating significantly. So prospective borrowers looking for a home loan need to shop carefully for the best rate, since it could change markedly in a short period, not unlike airline tickets back when folks were still flying.
Borrowers also need to expect delays, as bottlenecks in the process are slowing down the ability of lenders – as well as borrowers themselves – to close loans as fast as they usually do.
“Two weeks ago we saw rates really drop, and things were already busy before that,” says Joel Kahn, associate vice president of economic and industry forecasting at the Mortgage Bankers Association.
Kahn says lenders are continuing
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