Thirty-year-fixed mortgage rates held steady this week at 4.34 percent, but the the rise in rates over the last month has hurt those that want to refinance.
NerdWallet reports that, according to real estate research firm Black Knight, 4.3 million homeowners have been removed from the pool of borrowers that could have refinanced their home loans. Now only four million borrowers qualify and have an incentive to refinance.
However, Ben Graboske, Black Knight executive vice president, notes there are still 2 million borrowers who could save $200 or more per month by refinancing. He also says affordability has taken a hit — with the rapid increase in mortgage rates equivalent to a rise in the average home price of over $16,400.