St Casimirs Mortgage Minute

Black Knight: Fewer Homeowners Refinancing

According to a new report from Black Knight Financial Services, homeowners are not refinancing their mortgages despite rates being near all-time lows. The report shows that the number of borrowers eligible to refinance climbed to 8.7 million at the end of June, but prepayment speeds dropped 12 percent in July. Also in July, the national delinquency rate edged up 5 percent, marking the first gain above 4.5 percent since February. However, foreclosure starts were down 12 percent from June to 61,300 in July, which is the second lowest monthly total in a decade. Furthermore, foreclosure inventory declined 20 percent on a year-over-year basis to the lowest level since July 2007.

From "Black Knight: Fewer Homeowners Refinancing"
HousingWire (08/22/16) Ramírez, Kelsey