US residence loans, refinancing activity picks up again - interest rates drop close to 6%

October 4, 2024 2:56 JST (Partial excerpt)
For residence loans with interest rates over 7%, restructuring around 6% can save hundreds of dollars per month.
There is not much enthusiasm for a significant drop in interest rates, with some voices saying that this refinancing wave is small.
Jim Hogan, who serves as branch manager at the suburban branch of a US residence loan company in Boston, has been through a tough few years. With the rise in interest rates causing the housing market to be in its worst state in nearly 30 years, the loan officer team has been reduced from eight to one, struggling to acquire customers.