Weekly Mortgage News Roundup for Oct. 9, 2020

by Maurie Backman | Updated July 19, 2021 - First published on Oct. 9, 2020

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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.

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.

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.

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.

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.

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