While mortgage rates stay under 3%, homeowners race to refinance

Mortgage rates below 3% have brought homeowners stampeding back to the refinance market.

A sharp rise in refi demand is driving an increase in overall mortgage applications, a new report shows.

Refinancing to take advantage of mortgage rates that remain far below historical averages can be a smart play. Because with the economy recovering and over 116 million Americans now fully vaccinated against COVID-19, sub-3% rates may not be around much longer.