I found this article by Zach Wichter, published at BankRate.com to be quite interesting, as it discusses the fact that, as a total group, homeowners have not been refinancing their mortgage rates – as it should be smart to do – now that the mortgage rates have dropped to historic lows. Apparently millennials are the most active at refinancing.
The article ends by listing the potential reasons people have not been taking action. I was actually surprised that only 6% claimed they aren’t taking advantage of the lower rates due to lack of income to support approval. Given the catastrophic losses of jobs due to COVID, I’d have guessed loss of income would be the number one reason.
Here’s the link to the article: https://www.bankrate.com/mo…/refinance-survey-november-2020/