” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ loading=”lazy” width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ alt=”Housing Market Crash image” class=”wp-image-283329″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png 1200w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>
The great refi boom in 2020 wasn’t exactly equitable. Wealthier borrowers with stable jobs and high credit scores were fortunate enough to lock in a forever rate, typically lowering their monthly mortgage payments by hundreds of dollars. But the lower-income borrowers? They were more likely to be mired in some form of forbearance plan than be given the opportunity to modify their mortgage with a rate below details ⇒
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