Rates on mortgages are hovering near three-year lows, and as much as 20 million homeowners might even see a 75-point drop in their current mortgage rate by completing a refi, in accordance with a recent analysis from Black Knight.
20M Owners Could Lower Mortgage Payments using a Refi
Homeowners having a credit score with a minimum of 720 and 20% equity in their property could save nearly $270 on a monthly basis by taking advantage of today’s lower rates.
“Millions of homeowners could save money by refinancing,” Holden Lewis, home expert for NerdWallet, told Forbes.com. “That includes most people who bought homes in 2018. Seriously, even if you bought your home last year, you could save money by refinancing right now.”
Homeowners are starting to respond to lower rates. Refinances hit their highest point since mid-2016 and have doubled since late July. In the last week alone, refis were up 37% above the previous week, as reported by the Mortgage Bankers Association.
The 30-year fixed-rate mortgage averaged 3.6% last week, as outlined by Freddie Mac.
Source: “Refinances Double; 20 Million Homeowners Could See a Mortgage Rate Drop,” Forbes.com (Aug. 14, 2019)
Have a questions or concern? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.
Ways Our Family Can Help Your Family
