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% through 2021, according to Fannie Mae's Economic and Strategic Research Group. "I think this will have a h...