Mortgage lenders refinanced a record $2.8 trillion worth of loans in 2020 as mortgage rates hit repeated record lows. With current rates hovering so close to historic lows, it may be a good time to refinance.
The average rate for a 30-year fixed-rate mortgage had been hovering between 2.86% and 2.88% for more than a month before jumping above 3% on September 30.
