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Record number of borrowers can save now on mortgage refinancing
The average 30-year fixed mortgage rate fell to a record low of 3.29%, Freddie Mac reported this week.
This is down from the previous low of 3.31% in November 2012, in the wake of the financial crisis. Fears that the coronavirus will hit the financial markets have pushed bond yields down, yields that mortgage rates generally follow.
This drop means that nearly 13 million borrowers can now save money by refinancing their home loans and lowering their current rates by at least 75 basis points, according to Black Knight, a company. analysis and mortgage data.
These are the largest number of potential refinancing applicants ever registered. It is also an increase of 1.7 million eligible borrowers in the past week alone and a jump of 60% to date.
The average borrower can save around $ 277.00 per month on a 30-year fixed loan. If all these borrowers did, it would be a collective amount of $ 3.5 billion per month in payments.
The 75 basis point measure is only an average and can move back and forth for savings, depending on the individual situation of the borrower. Factors include the size of the outstanding loan balance, the lender's initial refinancing costs, the length of time the borrower plans to stay in the house and whether or not the borrower could consolidate others debt at high interest rates through refinancing.
If rates fell by just 4 basis points more than here, 1.7 million more borrowers would fall into this potential savings pool.
While most borrowers make direct refinances to lower rates, some make disbursed refinances. Homeowners today have a record amount of exploitable equity in their home, that is, equity above the 20% threshold lenders of equity will have to stay in the home . About 45 million borrowers have usable equity, which collectively amounted to $ 6.2 trillion at the end of last year.
According to the company's CEO, the phones are ringing at lenders like Quicken, which recorded a few days of record volume this week. While mortgage rates are now hovering around record lows, they are declining to go much lower. This is because lenders are so overwhelmed by the volume, they are just too busy to lower the rates. The gap between mortgage rates and the 10-year Treasury therefore widens.
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