By Angela Gonzales | Phoenix Business Journal
A few weeks ago, mortgage rates were at an all-time low, giving homebuyers a bit of silver lining during this COVID-19 pandemic.
But a stampede of homeowners trying to refinance their existing homes overwhelmed mortgage lenders, who didn’t have the personnel to keep up with the applications, said Jeff Tucker, a Zillow Group Inc. (Nasdaq: Z) economist.
“The mortgage market has been crazy for the last few weeks,” Tucker said. “There was a really big wave of demand running up against a fairly limited number of bankers available to fill out those refinance applications.”