Benchmark mortgage rate stabilizes as applications jump

Mortgage rates were stable to lower this week as the coronavirus pandemic continues to slow all aspects of mortgages underwriting and home buying. The benchmark 30-year fixed-rate mortgage stayed flat at 3.58 percent, according to Bankrate’s weekly survey of large lenders.

With the nationwide shutdown, mortgage closings are being extended and phones are going unanswered (Not at iFinance Mortgage Inc – we ANSWER OUR PHONES!) as lenders deal with a wave of new applications, plus requests for forbearance from people who have lost their income. For a new mortgage, it’s wise to request an interest rate lock of at least 45 days and preferably 60 days or 90 days.

These are extraordinary times for homeowners, homebuyers and lenders, so please be patient when trying to contact lenders about their rates.

Read full Bankrate article here.