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Weekly Mortgage News Roundup for Oct. 23, 2020

A mom, dad, and their daughter standing outside with their arms around each other and looking at their new home.

Image source: Getty Images

Mortgage rates have held steady this week, with both the 30- and 20-year loan staying at under 3% and the 15-year loan hanging in below 2.5%. But that's not all that's happened. Check out these developments in the mortgage world.

The average 30-year mortgage hit a new record low of 2.81% for the week ending Oct. 15, reports Freddie Mac. That's yet another milestone during a period of insanely competitive rates.

The mortgage payment you think you'll be subject to could end up being a much larger number. Here are some of the reasons why that might happen, and how to prepare for them.

There are more delinquent mortgage borrowers today than there have been since 1999. We can thank the coronavirus pandemic and financial upheaval it produced for this sad statistic.

Mortgage rates are extremely competitive right now, but that doesn't mean you should take the first offer you get. Shopping around with multiple lenders could result in near-term and long-term savings.

Borrowers who can't pay their mortgages during the pandemic are automatically entitled to forbearance, which allows them to pause loan payments for up to 360 days. But the forbearance rate has dropped on a national level, which could indicate that the economy is slowly but surely improving.

You've probably heard that the better your credit, the more likely you are to get approved for a mortgage. But a higher score could also result in major savings throughout the life of your loan.

Whether you're aiming to buy a home, refinance your mortgage, or simply keep tabs on the housing market, be sure to check out The Ascent's mortgage coverage each week. We're busy gathering all of the top mortgage news that's out there so you can stay informed.

Today's Best Mortgage Rates

Chances are, mortgage rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase. Click here to get started by scanning the market for your best rate.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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