With mortgage rates at a 60 year low, you can imagine how this has positively affected the home loan application volumes online. Most mortgage lead generators have reported a significant surge in mortgage lead volumes in the 2nd and 3rd quarters of 2011.
According to a spokesman from the Lead Planet, “Refinance lead volumes had tapered off in the 1st and quarter this year, as the market shifted more to a buyers market. However when the Federal Reserve renewed their commitment to helping the market recover we saw refinance rates fall once again to record lows. This caused more homeowners to confront the possibility of refinancing again and refinance volumes soared.”
Purchase lead volumes have been rising steadily all year, whereas refinancing volumes increased dramtically when Congress passed a bill to raise FHA loan limits in areas that have higher housing expenses. It also helped when the Government extended the Home Affordable Refinance Program that enables homeowners who have been trapped in an underwater mortgage the ability to refinance.