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Mortgage rates keep falling to record lows — so is now a good time to refinance?


The coronavirus pandemic has led to a dramatic decline in mortgage rates. But that doesn’t mean now is a good time to refinance for everyone.

Last week, Freddie Mac

reported that mortgage rates hit a new record low for the fourth time this year, with the average rate on a 30-year fixed-rate mortgage dropping to 3.13%.

When rates hit their first record low of the year back in March, it triggered a deluge of refinancing activity just as many lenders were transitioning to remote work environments because of the spread of COVID-19. That led to a massive backlog at some lenders, with some borrowers waiting weeks to close their refinances.

Now, the…


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