Mortage rates to remain in deep freeze this winter

Mortage rates to remain in deep freeze this winter

Mortage rates to remain in deep freeze this winter
This year has begun with a continuation of the historically low mortgage rates seen throughout much of 2020 and it is expected to continue this way for quite some time. Borrowers are expected to continue to take advantage of these favorable rates with refinances and new home purchases, especially as hope remains high that the pandemic may soon be over.

Brought down by the coronavirus and the ensuing recession, mortgage rates have repeatedly broken records in their seemingly continuous decline. An estimated six million homeowners refinanced their home during the first nine months of 2020 and millions more remain eligible for big savings according to Black Knight.

The continued low mortgage rate climate is giving a leg up to home buyers who are looking to relocate by allowing them to leverage the inexpensive borrowing costs with conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.