Mortgage Refinancing Poised to Set 17-year High

With mortgage rates at near record low levels, Fannie Mae is expecting to see refinance (refis) volumes spike this year to a 17-year high. Even as other parts of the U.S. economy falter, lenders are expected to originate $1.5 trillion in refis in 2020. That would be a 51% jump from 2019. According to the Mortgage Bankers Association, that would be the highest level since 2003 when $2.5 trillion of mortgages were refinanced.