This Year Has Been Rough For Homeowners Who Want To Refinance

June 15, 2017

Borrowers who refinanced during the first quarter of 2017 reduced their monthly payments by an average of $109, which translates to a cumulative savings of $36.5 million a month, the lowest since 2008.

MarketWatch reports that at current rates, if every homeowner who could refinance did so, they would save an average of $260 a month.

Black Knight calculated that roughly 2.5 million borrowers could cut their monthly payments by between $100 and $300, while another 700,000 could save $400 or more each month.

Mortgage rates have fallen below 4 percent, but the Federal Reserve hiked rates by 0.25 points this week, and may do so again.

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