The U.S. mortgage market faced a new “refinance boom” when mortgage rates declined by nearly 200 basis points between November 2018 and November 2020, following the Federal Reserve rate cuts that were made to remedy the economic impacts of the Covid-19 pandemic.  

Researchers at the Federal Reserve Bank of New York estimate the size of this boom in a new report. From the second quarter of 2020 to the fourth quarter of 2021, 14 million mortgages were refinanced, accounting for nearly one-third of the outstanding mortgage balances.  

The data, published on Monday, shows that older vintage mortgages details ⇒

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