The numbers on the mortgage markets are out. Astonishingly, the Mortgage market for 2021 starts with an Unexpected upward climb.
After recording a series of lows last year, mortgage rates can be seen finally gaining some momentum. As soon as the upward shift of mortgage rates were announced, it wreaked havoc among the borrowers, who were afraid not to get the last shot at the lowest rates. Mortgage application to refinance the home loans spiked at a whopping 20%, which is the highest spike since the last march.
Mortgage rates are predicted to continue their upward trajectory in the month to come. We may now be in the first rising phase for the mortgage market, and this type of phase may not be beneficial for small-time borrowers.
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