Kelvin Davidson: Cotality Chief Property Economist on the rising number of mortgage holders swapping loan providers

Those with mortgages are bank-hopping at record rates, but not necessarily to get lower interest rates.  More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month.  It's the highest since records began in 2017.  Cotality Chief Property Economist Kelvin Davidson says it reflects a mix of factors including short term loans, minimal or no break fees, and cash-back incentives.  He told Ryan Bridge it’s reasonably common to get 0.7-0.8% of the loan value as a cashback, up to certain caps, so it would make sense for people who are potentially under cashflow stress.  LISTEN ABOVE See omnystudio.com/listener for privacy information.