Source: The Ascent —
When mortgage rates dropped to record lows in 2020, homeowners across the country rushed to refinance their loans. And many were able to reap a lot of savings in the process.
But refinance volume has slowed down significantly this year, and for good reason. Mortgage rates have been rising sharply since the start of 2022. And in recent weeks, they’ve reached a 20-year high. That hardly makes the case to move forward with a refinance for the average borrower.
But while mortgage rates may be high right now, things could change in 2023. The question is: Will they change for the better, or will mortgages get even more expensive?
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