Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage.

Refinance rates are at near historic lows as the housing market is booming in 2020, and it may be a good time for you to explore your options.

Mortgage Refinancings Boom, Even as Coronavirus Hits Economy

The mortgage market recorded its best quarter in years this spring, a reflection of how the housing market is booming in 2020 even as much of the economy stumbles. Lenders issued $1.1 trillion in home loans between April and June, according to mortgage-data firm Black Knight Inc.

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