· 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
Nearly 5 million homeowners can now save money on their mortgages CNBC – Diana Olick On a $300,000 mortgage a refinance from 4.81 percent to 4.06 percent would save.
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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.
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The recent drop in rates means that 5.9 million people potentially can save money by refinancing their existing home loans and securing a lower rate – two million more than last month, according.
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