Image source: Getty Images. While it doesn't influence our opinions of products, we do receive compensation from partners whose offers appear here. We're on your side, always. See our full advertiser disclosure here. Mortgage rates have stayed competitive this week and, in fact, they hit their 14th record low. That's not all there is to know in the world of mortgages and housing this week. Here's a roundup of all the biggest news. The Average Homeowner Has Gained $17,000 in Equity During the Pandemic The increase in equity was driven by rising property values, and it's made it easier for homeowners to refinance their mortgages or secure home equity loans or lines of credit. Mortgage Applications Drop Again. Are Buyers Tired of Inflated Home Prices? There was a decline in mortgage applications, which may have been prompted by inflated prices as demand for homes continues to outpace supply. The End of COVID-19 Relief Could Open Up Housing Inventory -- by Hurting Homeowners Protections put in place by coronavirus relief legislation will be expiring soon, which could mean more foreclosures. While that would lead to an increase in housing inventory, it's bad news for current homeowners -- and for the economy. 3 Things You Should Know About Buying a Home in 2021 Buying a home looks very different this year. Inventory is scarce and prices are high, but the good news is that mortgage rates are near record lows so you should be able to get a good deal on a home loan. Here's the Average American's Mortgage -- and How to Pay Yours Off Faster As of October 2020, the average mortgage balance was $215,655. Whether yours is above or below average, you can pay it off faster by making extra payments when you get a windfall, making biweekly payments, or refinancing to reduce your rate. Americans Owe $9.86 Trillion in Mortgage Debt. Here's Why That's Good News Mortgage debt is good debt, and owning a home helps you to build wealth. That's why it's good news that Americans owe around $9.86 trillion on their mortgage loans. Mortgage Application Rejected? Do These 5 Things If your application for a mortgage loan was turned down, you can take steps to boost your credit; repay some of your debts; look for a steadier job; save more money; or check your credit history for inaccuracies. The Average Homeowner's Mortgage Payment Is $1,487. Here's How to Pay Less Making a higher down payment, securing the most affordable home loan, and refinancing a high interest rate mortgage could all help you to reduce your monthly mortgage payment. Mortgage Rates Hit Their 14th Record Low Mortgage rates have repeatedly broken new records by hitting new lows. They did it again this week, dropping to the lowest level in around 50 years. Homebuyers Are Flocking to Smaller Cities. Should You Do the Same? Buying a home in a smaller city could help you buy into a calmer lifestyle at a lower price than purchasing an urban abode. But it's not necessarily right for everyone. 3 Reasons Not to Get an Adjustable-Rate Mortgage Adjustable rate mortgages are expensive and needlessly risky right now. You should likely steer clear of them when borrowing to buy a home. Here's What Happened to My Credit Score When I Paid Off My Mortgage Surprisingly, paying off a mortgage doesn't necessarily cause your credit score to go up -- largely because you eliminate one type of credit. Whether you're looking for a new home, refinancing, or just curious about the housing market during these crazy times, keep up to date with The Ascent's mortgage coverage every week. 10 stocks we like better than WalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks Stock Advisor returns as of 2/1/20The Motley Fool has a disclosure policy.Source