Here's why mortgage refinance rates are dropping even lower

Just when you thought interest rates couldn’t go any lower – they go lower.

And thanks to a recent change, refi deals are getting even sweeter.

That has since fallen to 2%, according to FHFA data.

“The COVID-19 pandemic financially exacerbated America’s affordable housing crisis.

The FHFA was created following the 2008 housing crisis, and the agency acts asconservatorof Fannie and Freddie mortgages.

Jumbo mortgages between $510,400 and $765,000 in some regions were also exempt.

Despitefalling interest ratesin July, refinances are down 60% since January, according to a Black Knight survey.

Analysts are hopeful that the fee elimination will energize the housing market.