According to a Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue, demand for second homes was 60% higher in September than it was before the coronavirus pandemic hit.
A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether