St Casimirs Mortgage Minute

Five Million Homeowners Could Benefit From Refinancing

As many as 5 million borrowers could benefit by refinancing their mortgages, as rates have fallen below 4 percent, according to a new report from Black Knight Financial Services. The report indicates that 2.4 million borrowers could save $200 or more per month, and 1.9 million could save $100 to $200 per month. "If rates go up 50 basis points from where they are now, 2.1 million borrowers will fall out of the running," says Ben Graboske, senior vice president at Black Knight Data & Analytics. "A 100-basis-point increase would eliminate another million, leaving only 2 million potential refinance candidates, the lowest population of refinance candidates in recent history." Black Knight also reports a 35 percent increase in home equity lines of credit in the last year, with about 37 million borrowers pulling out $112,000 on average from their mortgaged properties.

From "Five Million Homeowners Could Benefit From Refinancing"
RealtyBizNews (01/13/15) Wheatley, Mike