This special report provides a survey of recent activity in the market for mortgage refinances and estimates the number of refinance candidates remaining to be over 17 million, based on the most recent data available. The report describes indicators of borrower interest in refinancing and cautions that increased mortgage forbearance and nonpayment rates during the pandemic may preclude many borrowers from partaking in today’s low interest rates, which have the potential to lower monthly mortgage payments at a time when such savings would be particularly beneficial to households.