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Iberiabank Mortgage president Craig Jarrell weighs in on the influx of homeowners re-financing mortgages.
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And -- -- check it out -- average fixed rate mortgage hitting yet another.
Record while the cost of get a mortgage look at that thirty year fixed rate mortgage is according to Freddie Mac is now at three point 79%.
Fifteen year.
Down to three point 04%.
What you make of all that's Craig Jarrell of IBERIABANK joins us now from Dallas -- Can mortgage rate while they continue to go lower because it seems like if anybody is waiting.
To refinance at this point or even waiting to go buy a home they just think that it's gonna get even cheaper in terms of price and the mortgage right.
Well every time we think the rates can't go any lower they still continue to -- down just a little bit.
We have our customers that are refinancing for the second and third time in the last twelve to eighteen months they continue to ride those rates down purchase business is.
Out of control prior up 20% from a few months ago definitely the problems in Greece in the eurozone are helping -- in these rates down and people are buying houses fast they can -- will love it where where adding people we can't keep.
And what about at what about the time to refinance or -- -- discussion about because lenders are being much more careful about appraising hounds.
People who comment to refinance is it taking longer and is it taking longer because of just -- -- -- -- in -- it because so many people are stepping up to refinance.
Well I would say processing and drying times of stress from the typical two -- three weeks to more like thirty to 45 days.
Only because of the backlog the title plants are backed up the surveyors are behind the appraisers are behind.
Everyone's -- but we're getting them down organ and clothes were just adding people and and working -- little bit later in working on the weekends and and it just takes a little more work but record volumes have clogged up the system just a little bit but.
The -- -- doesn't sound like you think that people are really wading.
Again to either buy or refinance for lower rates here that people are taking action.
-- I really think the average consumer out there has decided that once rates -- below 4%.
They they want on full speed ahead that they don't think -- and get new lower weather's three point 75.
Three point 625 like it actually is in most markets today that.
Freddie Mac average takes into account you know last week's activity is actually dropped about another 8 this morning but now people are waiting they're out they're -- as -- -- They keep -- and it is it is worth -- in it is -- doing the math because sometimes you think I'll I just refinance a little while ago.
Rates are so low you might have some significant savings and it pays off -- -- Thank you so much -- -- talk to take leave anybody who has an accent that sounds similar amount that Craig -- of IBERIABANK.
