Mortgage Report and Market Update

January 6, 2021


By Saeed Ghaffari

Mortgage Report and Market Update


Crystal Ball Anyone?


Could you have ever predicted or foreseen the interest rates in 2s or lower? I’ll be lying if I say I did. These rates are unprecedented in recent history, they are even lower than before the holidays. Will they get lower? I don’t know, I doubt it and I don’t have any explanation for it either. Yes, I know we are in a global pandemic and we might be facing a recession as a result, I know it was an election year, I know, I know… But rates this low! Below 2%? C’mon? Don’t take me wrong, I am not complaining. As a person who makes his living off of lending on and borrowing off of real estate, I am beside myself to see the rates this low. I am just in awe. 

What puts me in further shock is this revelation: According to a report on November 16, 2020 by Zach Wichter of, 27% of mortgage holders don’t even know what their rate is and whether it’s worth refinancing!  Only 17% of mortgage borrowers refinanced their mortgage in 2020, 27% have considered refinancing, but have not done so and 52% have not even considered refinancing.!!?? Wow? Is it shocking or what?

Without a doubt, some may have legitimate reasons, and I would think a lesser percentage of them. The rest of them fall victims of financial illiteracy, procrastination, and negligence, getting tangled up in a rat race, fighting for survival and not having time to breath.

Doesn’t matter what category you fall under, here is the good news: The rates are still incredibly low and you have not missed the boat yet.  If you have not taken advantage of them, you should, as most likely it will be a very long time before you see the rates in 2’s or lower again, if ever at all.  If you have qualification challenges, or simply you are looking for an honest and experienced lender, for all your mortgage needs, reach out to me or Michelle Yar and we’ll connect you with the right lender who can serve your needs and help you take advantage of these historically unprecedent low interest rates.

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