What do you see as the next big trend on the horizon when it comes to improving the user experience for mortgage borrowers?ДЇarner: The mortgage is one aspect of a broader experience itвЂ™s part of owning a home. MW: After Quicken Loans introduced Rocket Mortgage in 2015, with the promise to expedite the closing process by two weeks, it pushed other lenders to ramp up their efforts to digitize and speed up mortgage originations. And so that created a longer runway of lower interest rates than we might experience here. And so youвЂ™ll see things return to whatever normal might be, whereas in 2012 there were a lot of questions about the fundamental components of our economy. And so the minute some level of certainty occurs around the health of our country, all those other fundamentals will kick back in. MW: How does the situation with low mortgage rates today compare to back in 2012 when rates hit an all-time low?ДЇarner: YouвЂ™ve got a particular incident that is creating uncertainty, but the underlying fundamentals are very, very strong. Read more: What the FedвЂ™s surprise interest rate cut means for mortgage rates And if I were a betting man, IвЂ™d say thereвЂ™s a higher probability rates will rise in the next few weeks. If it makes sense, you can save money, you gotta lock your interest rates. Even if they come out and say maybe the coronavirus will be a little bit worse than we thought that would bring certainty. Right now, we have a complete lack of certainty, and so thatвЂ™s why weвЂ™re seeing this. Bad or good news, certainty about whatвЂ™s going to happen I believe will cause interest rates to rise. I think we were seeing a lot of uncertainty, and that creates volatility in the market, which is causing the drop in the 10-year Treasury and mortgage rates. I donвЂ™t see a 30-year fixed rate mortgage below 3%. вЂњвЂBad or good news, certainty about whatвЂ™s going to happen I believe will cause interest rates to rise.вЂ™ вЂќ MW: How low do you think mortgage rates will go? Interestingly, one of the things weвЂ™re talking a lot about is people moving from a 30-year to a lower term, a 20-year or 15-year, because rates are so low, they can get a payment today at a 15-year that is similar to a payment they would have made four or five years ago on 30-year when rates were in the fives, yet they could pay their home off in 15 years for far less interest. So, IвЂ™d say for the vast majority of Americans, theyвЂ™re now in a position where they can save money by refinancing. So 30-year mortgage rates have dropped quite a bit to the low-to-mid 3% range on a 30-year fixed-rate, and weвЂ™re now below 3% on a 15-year fixed. ThatвЂ™s had the same effect on mortgage-backed securities. , at least last I checked this morning, has remained under 1%, which is a record low. Jay Farner: As you probably know, the 10 year Treasury MarketWatch: What is your take on the situation with mortgage rates right now? Where do you see them headed? The following interview was edited for clarity and length. MarketWatch spoke with Quicken Loans CEO Jay Farner to get his perspective on where interest rates are headed now that they have hit fresh lows and what the future holds for the mortgage industry. Read more: Mortgage rates fall to all-time low amid coronavirus concerns - hereвЂ™s why Americans may not take advantage of them Today, 98% of all home loans originated by Quicken utilize Rocket Mortgage technology at some point in the process, helping the company become the largest mortgage lender in the country back in 2018. Since launching its Rocket Mortgage technology in 2015, the company has focused much of its energy in digitizing the loan process, sparking a trend across the industry. Quicken Loans is in an enviable position to profit off the latest boom in refinance activity, caused this time by the coronavirus outbreak. This week, Quicken Loans reported the largest single-day volume of mortgage applications in the companyвЂ™s history. With the ups and downs of mortgage rates have come booms in refinancing activity.

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