Weekly Mortgage News Roundup for Oct. 9, 2020

These are our top mortgage news stories for the week. Whether you're hoping to buy a new home or refinance a mortgage, it pays to give them a look.

Mortgage rates dropped really low this week, with both the 30- and 20-year loan coming in at well under 3% and the 15-year loan at well under 2.5%. Here are some mortgage stories it pays to check out.

• 400,000 Homeowners Have Become Delinquent on Their Mortgage for No Good Reason

There's relief available for struggling homeowners during the coronavirus pandemic: mortgage forbearance. Yet a whopping 400,000 borrowers may not have realized that this option was available to them.

• Home Prices Jumped 5.9% in August, Which Explains Why Buyers Are Struggling

It's a seller's market for sure, and this latest data point confirms it. Low inventory has caused home prices to skyrocket, making it difficult for buyers to purchase property and take advantage of today's low mortgage rates.

• Thinking of Refinancing in 2020? It Pays to Start the Process Immediately

There's a new 0.5% refinancing fee that will take effect beginning Dec. 1 of this year. Because it can take time -- up to 60 days, in fact -- for a mortgage refinance to close, if you're thinking of getting a new home loan, it pays to get moving sooner rather than later.

• 4 Things That Could Cause Mortgage Rates to Rise

Borrowers have been enjoying historically low mortgage rates since summertime. But will they stay low for the foreseeable future? Here are a few reasons they may not.

Whether you're looking to buy a home, refinance your mortgage, or simply stay up to date on the housing market, keep tuning in to The Ascent's mortgage coverage. We're busy gathering the details you need to stay informed on all things mortgage-related.