Posted To: MND NewsWire

With Freddie Mac’s average rate for 30-year fixed-rate mortgages (FRM) hitting 3.45 percent late last week. Black Knight estimates, in its current Mortgage Monitor , that there are now 11.1 million refinance candidates. These are homeowners who currently have a qualifying 720 FICO score, a loan-to-value (LTV) ratio of 80 percent on their existing mortgage, and a rate high enough that they could shave off at least 0.75 percent by refinancing. These homeowners could save an average of $268 per month, freeing an aggregate of $2.99 billion per month if all were to refinance. Those who took out a mortgage in 2018 remain the largest contingent in the refinancing pool at 1.67 million, but there are eight other vintages that have at least 500,000 potential refinance candidates. Black Knight says its…(read more)

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Source: Mortgage News Daily