Nearly 5 million homeowners can now save money on their mortgages

Nearly 5 million homeowners can now save money on their mortgages

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 · A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages. With the average rate on the 30-year fixed now close to 4 percent, 4.9 million borrowers could likely qualify for a refinance that could reduce their interest rates by at least three-quarters of a percentage point, according

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But almost overnight, nearly 5 million of them can cut their monthly payments.. Millions of homeowners could now save each month on their.

With the average rate on the 30-year fixed now close to 4 percent, 4.9 million borrowers could likely qualify for a refinance that could reduce their interest rates by at least three quarters of a percentage point, according to Black Knight, a mortgage data and analytics company. That is a nearly 50 percent increase in the size of that population in a single week.

Mortgage rates have been on a roller coaster for the past year, but now they're sitting at the bottom of the track, and that is giving a major boost to the number of borrowers who can benefit from a refinance.. The average borrower could save about $266 per month, bringing the total amount of.. 1; 2; 3; 4; 5.

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