Borrowers Who Qualify for Refinance Increased by 30 Percent
Since January
The number of mortgage borrowers who qualify for refinancing
rose during the first two months of 2016, as interest rates fell 30 basis
points. The number of borrowers who could qualify and benefit from refinancing
surged 30 percent, or 1.5 million, according to the Mortgage Monitor Report
from Black Knight Financial Services. The increase brings the total number of
borrowers who could save about $3,000 per year due to declining interest rates
to 6.7 million, with a potential for $20 billion in total savings. Black Knight
reports that 3.3 million borrowers could save at least $200 per month by
refinancing, and nearly 1 million borrowers could save at least $400 per month.
If the 30-year mortgage rate dropped to 3.5 percent, Black Rock says the number
of refinanceable borrowers would rise to 8.8 million, marking the highest level
since 2012-2013.
From "Borrowers Who Qualify for Refinance Increased by 30 Percent Since January"
HousingWire (03/07/16) Thompson, Kelsey
From "Borrowers Who Qualify for Refinance Increased by 30 Percent Since January"
HousingWire (03/07/16) Thompson, Kelsey
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