Sharp dive for mortgage rates sets off new refinancing boom

Source: Yahoo Finance — 

Many homeowners know a good deal when they see one.

Demand for refinance mortgages is soaring, a survey by a major lenders trade association finds. Homeowners are stampeding toward mortgage rates that have been driven back toward all-time lows by worries about the Delta variant and by the elimination of a widely despised fee on refi loans.

But U.S. homeowners are still leaving lots of money on the table. Online real estate marketplace Zillow recently found that only 22% of eligible homeowners refinanced their homes between April 2020 and April 2021, despite historically low mortgage rates.