Why some homeowners are avoiding refis, and mortgage rate update

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It’s been a fairly quiet week with all eyes on the Fed waiting to see what will happen to interest rates as a result of their upcoming policy meeting. Meanwhile, we take a look at prevailing trends and go back to basics for homebuyers.



Mixed race man walking on suburban street with fall leaves on the ground


© Adam Crowley/Getty Images
Mixed race man walking on suburban street with fall leaves on the ground

1. 74% of eligible homeowners still haven’t refinanced

Even though mortgage rates have been near all-time lows for well over a year, a recent Bankrate survey showed that a huge share of borrowers still haven’t refinanced. Only 19 percent of those who took out their loans prior to the pandemic have taken advantage of the potential savings, meaning millions of homeowners are tossing money to their lender that could be spent elsewhere.

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2. Refi window remains open even as rates edge up

The average rate on a 30-year fixed mortgage rose (slightly) for the third week…

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