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Fannie Mae's Refinance Program for Lower-Income Homeowners Starts Next Week. Here's What to Know

With mortgage rates reaching historical lows in 2020, refinancing activity hit roughly $2.6 trillion for the year, according to Freddie Mac, the other government-sponsored enterprise that buys and sells mortgages. That marks the highest annual total since 2003, when $3.9 trillion in refinancing was recorded. The average rate on a 30-year fixed mortgage is 2.72%, according to real estate site Zillow. For a 15-year loan, the average rate is 2.08%. The 30-year rate is expected to average 3% throug...
Freddie Mac Fannie Mae Refinow Ziggy Jonsson Strategic Research Group Fannie Mae Housing Finance Agency

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