More Importantly… Can You Take Advantage Of These Once In A Lifetime Refinance Rates?
According to the experts, mortgage rates are at all-time lows. In fact, millions of Americans who could save significant money on their monthly payments by getting a refinance on their mortgage. These savings could be a major life-line for those who are facing reduced income from the coronavirus.
The average rate on the 30-year fixed mortgage fell to 2.86% for the week ending Sept. 10. This was down from the previous week when it averaged 2.93%. During the same week one year ago, rates were 3.56% , according to Freddie Mac.
“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery,” said Sam Khater, Freddie Mac’s chief economist. Plus according to the Fed they are expected to last for a least a couple more years.
There are now 19.3 million borrowers who could save money on their monthly payments at today’s low rates, according to a new calculation by Black Knight, a mortgage technology and analytics firm, which looked at the pool of borrowers with rates at least 75 basis points higher than those offered today.
In order to be eligible for these rates, applicants need to be high-quality candidates with 720+ FICO credit scores and more than 20% equity in their homes. It is the largest volume ever reported and represents 43% of all 30-year mortgage holders.
In fact, the average savings for refinance candidates is about $300 per month. Add that up and it’s an aggregate of $5.8 billion per month, if all refinance candidates were to take advantage of these current refinancing opportunities. That is the largest aggregate savings in history available through refinancing.
Have you taken advantage of these record low mortgage rates? How much did you save per month? Please reply using the comments below.