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As Mortgage Rates Lower, Millions of Americans Can Save Big

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Economics

As Mortgage Rates Lower, Millions of Americans Can Save Big


November 25, 2020
Refinancing at home
Photo: kalafoto

With mortgage rates down to a new low, a record 19.4 million Americans could save hundreds per month. The average interest rate for Freddie Mac’s 30-year fixed mortgage dropped to 2.72%, the 14th new low this year, according to CNBC. Black Knight, a mortgage technology and data provider found 19.4 million “high quality” candidates were now eligible for mortgage refinancing, which could save homeowners an average of $309 a month. Some could save even more. More than 7 million Americans could be keeping $400 to $500 in their pockets per month.

“With 30-year rates still sitting at historic lows, refinance volumes are expected to remain strong in the coming weeks, particularly given the record high number of eligible candidates,” said Andy Walden, Black Knight economist and director of market research. “The third quarter saw an all-time high for refinance originations, and consolidated rate lock data from Black Knight’s Compass Analytics and Optimal Blue divisions suggests volumes could remain at or above record levels in Q4 as well.”

While going through a mortgage refinance is not exactly a pleasant experience, given the arduous paperwork involved, 4.6 million borrowers had already done it through the third quarter of this year, according to the Mortgage Bankers Association.

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