Recent reductions in the 30-year fixed-rate mortgage could net the population of
borrowers big savings if they would refinance, according
to Mortgage Monitor Report. "Before the most recent reductions in the average 30-year mortgage
interest rate, approximately 6 million borrowers met broad-based
'refinancibility' criteria," says Trey Barnes, Black Knight's senior
vice president of Loan Data Products. "More than half of all borrowers have 30 percent or more equity, a level not seen in nearly eight years," This
is a relatively conservative assessment, though, as those with current
rates of 4.25 percent to 4.5 percent could arguably benefit from
refinancing as well, read more.
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