Low mortgage rates make millions of homeowners eli

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Real Estate

As mortgage rates stay below 3% for the 17th consecutive week, a Black Knight report released Friday found that the number of “high quality” refinance candidates continues to climb. According to the report, a whopping 19.4 million homeowners are now in a position to save through refis – the most in history.

Black Knight’s report views prime candidates as 30-year mortgage-holders who have at least 20% equity in their homes, credit scores of 720 or higher, are current on their payments and who stand to cut their first lien rates at least 0.75% by refinancing.

Looking at current mortgage rates, Black Knight estimates those 19.4 million candidates can save an average of $309 per month by refinancing. If every qualified borrower did so, the aggregate potential savings would be the most ever recorded – a massive $5.98 billion.

Some borrowers could save even more. With today’s rates, the report found 4.5 million could save at least $400 a month, while 2.7 million could save an average of $500 or more.

Find more information at: https://www.housingwire.com/articles/low-low-mortgage-rates-make-19-4-million-eligible-for-refi/