"Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under 3% for the past month," said Sam Khater, Freddie Mac's chief economist. "Low rates offer homeowners an opportunity to lower their monthly payment by refinancing and our most recent research shows that many borrowers, especially Black and Hispanic borrowers, who could benefit from refinancing still aren't pursuing the option."
Khater continued, "Additionally, the low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than 12 years and may lead to higher mortgage rates in the summer."