Homeowners Rush to Refinance as 30-year Rate Falls Below 3%
With the 30-year mortgage rate falling this week below 3% for the first time in a half-century, more U.S. homeowners are likely to seize the chance to refinance their home loans.
Americans refinanced nearly 2 million home loans from January through April, more than doubled in comparison to last year, 2019, in the same four-month stretch according to Real Estate data company CoreLogic. Mortgage refinancing is also outpacing home purchase loans this year, in part because the labor market fallout and economic uncertainty due to the coronavirus pandemic has put off some would-be buyers and sellers.
Gracen Tilton | Marshall Walker Real Estate | 582 Rutledge Avenue | firstname.lastname@example.org | 803-549-6318