This article from HousingWire provides an overview of the current state of mortgage rates in the U.S., with a specific focus on the rise in rates over the last several months of 2020. The article looks at the multiple factors that have caused an increase in mortgage rates, including an influx of new homebuyers, low mortgage rates, and a strong U.S. economy, while simultaneously noting that such increases in rates have kept mortgage application rates steady.
The article highlights that mortgage rates have moved closer to 7% over the last few months but still remain well below this mark. It also mentions that lenders have seen a marked rise in the number of refinances, which is likely to be due in part to homeowners taking advantage of the low mortgage rates.
Despite the increase in mortgage rates, the article goes on to note that mortgage application rates have remained steady. This is due to a rise in mortgage activity from new homebuyers and a generally strong economy, both of which are slightly offsetting the effects of higher rates. The article further notes that despite these increases, mortgage rates remain historically low, significantly below levels just a few years ago.
To conclude, this article looks at the current state of mortgage rates and activity in the U.S. Throughout the year 2020, mortgage rates have risen slightly but are still well below the overall historic average, and mortgage application rates have been able to remain steady. This is due in part to a boost in mortgage activity from new homebuyers, as well as a steady economy.
You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-inch-closer-to-7-in-the-midst-of-a-strong-economy/(subscription required)
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