Mortgage rates headed back down this week, continuing to hover near all-time lows. “As the market reacts to a new administration in Washington and COVID-19-driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s chief economist.

Also, the Federal Reserve announced this week that it will leave both interest rates and its bond-buying program unchanged, both actions likely helping to keep mortgage rates low.

One in four homeowners have lived in their home for more than 20 years—the highest level that owners with that tenure has ever reached, a new Redfin study shows. That’s due in large part to the aging in place trend, which is accelerating during the COVID-19 pandemic. As Americans stay in their homes longer, housing shortages are growing. The typical homeowner in 2020 had lived in their home for 13 years, a big jump from 8.7 years a decade earlier, according to the Redfin study.

Mortgage rates started the year with a new record low. The 30-year fixed-rate mortgage dropped to a 2.65% average this week, the lowest since Freddie Mac began tracking such records more than 50 years ago.

This week marked the 15th record low for mortgage rates this year. The 30-year fixed-rate mortgage dipped further to an average of 2.67%, the lowest rate ever recorded by Freddie Mac, with records dating back to 1971.

The ultra-low mortgage rates are making homebuying more attractive and boosting sales activity to the highest level since 2006, economists said at the National Association of REALTORS®’ virtual Real Estate Forecast Summit on Thursday. While home prices are rising annually by double-digit percentages, mortgage payments remain more affordable due to low mortgage rates.

Could home buyers be starting to take the low rates for granted?

“Despite persistently low mortgage rates, home sales have hit a wall,” says Sam Khater, Freddie Mac’s chief economist. “While home buyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.”

Buyer competition remains strong, and low inventory is pushing home prices to new highs—so sellers are likely to keep their market advantage next year, according to realtor.com®’s 2021 housing forecast. Home price growth may slow but will continue an upward trend, along with property appreciation for sellers, realtor.com® predicts.

Nearly half of more than 2,000 Americans recently surveyed say they plan to move soon to reduce living expenses, according to a new survey from LendingTree. Forty-six percent of respondents say they plan to relocate within the next year.

The pandemic has motivated more Americans to consider a move. Sixty-four percent of remote workers say they are considering a move. Many consumers say the COVID-19 outbreak also has led them to change their living situation.

The rates for jumbo and FHA loans dropped to all-time lows last week. Jumbo loans are for borrowers taking out larger loans while FHA loans offer borrowers’ low-down-payment loans. Their new lows fueled mortgage demand last week, the Mortgage Bankers Association reports.

On December 1, it’s going to get more expensive to refinance a mortgage.

Fannie Mae and Freddie Mac will start charging a 0.5% fee on refinanced mortgages that the two mortgage giants purchase.

The reason for the fee, known as the “adverse market refinance fee,” is to cover projected COVID-19 losses.

According to the Mortgage Bankers Association, the change will cost the average consumer an additional $1,400 than they would have paid before.

However, those refinancing balances $125,000 or less are exempt from the fee.