The 30-year fixed-rate mortgage continues to hit new all-time lows practically on a monthly basis. That has dramatically increased the pool of homeowners who could benefit from refinancing and lowering their monthly mortgage payment. In fact, 75% of homeowners—or 19.3 million—could benefit from refinancing, according to data from Black Knight, a software and analytics firm for the mortgage and lending industry. That’s the largest number of potential refinance candidates ever on record, Black Knight says.
The savings could add up. According to Black Knight, the average homeowner could potentially reduce their mortgage payment by $299 a month. More than 7 million refinance candidates could save from $300 to $500 per month. Nearly 2.5 million homeowners could save $500 a month or more, the firm notes.
Read the story here: Study: 3 in 4 Mortgage Holders Could Benefit From Refinancing