Mortgage rates fell from 3.8% at the start of January to a multiyear low of 3.49% at a time when demand for mortgages remains strong, Jay Farner, Quicken Loans CEO, said Friday on CNBC's "Squawk Box."
Farner: 'Seller's Market'
Farner said there has been more purchase interest among interested homeowners in January than "probably any year in the past."
The inventory of homes for sale is low, which is pushing interested homeowners to start looking a few months earlier than usual, he said.
Interest rates were trending lower heading into the election year of 2020, the CEO said.
Yet the recent spread of coronavirus adds to the uncertainty, which drives money into Treasury assets, which by default benefits mortgage rates, Farner said.
Real estate is in a clear "seller's market," as more people are taking advantage of "full-blown" mortgage approvals, he said.
Super Bowl Marketing
Quicken Loans bought commercial space for the weekend's Super Bowl matchup for the third straight year, Farner said.
But this year is more special, as Quicken inked a deal with the NFL to become the league's official mortgage sponsor.
The mortgage company will be able to reach hundreds of millions of people, and there are "very few" other events where this level of reach is possible, the CEO said.
"When you have a centralized operation the way that we do, the marketing becomes very, very important to get the brand out to let people know there is a different way to get a mortgage — a better way to get a mortgage through our process."
Screenshot courtesy of CNBC.