If you need assistance, please call 407-288-5182

More Covid Data Rolls in, Are Refis are Here to Stay?

Friday, July 10, 2020   /   by Erik Bjorklund

More Covid Data Rolls in, Are Refis are Here to Stay?

Knight has again taken a look at the number of Americans who could benefit
significantly from refinancing their first mortgages, but the facts are
shifting almost faster than they can report them.
In its current Mortgage
, the company reports that 90 percent of homeowners who have
sufficient equity in their homes and the qualifying credit to refinance could
improve their current interest rate. Sufficient, or what the company
calls "tappable" equity is defined as allowing a refinance while keeping the
loan-to-value (LTV) ratio at 80 percent or lower. That equity rose 8.0 percent
from the first quarter of 2019 to the same quarter this year. The total is a
record high of $6.5 trillion.
Despite rising mortgage delinquencies, about 13.6
million homeowners still meet broad eligibility requirements to refinance. Refinance candidates are those who
could lower their mortgage interest rate by 75 basis points or more. Mortgage
rates as of June 18 were at a record low of 3.13 percent. At those rates, the
13.6 million refinance candidates could save an average of $283 per month on
their mortgage payment. If all eligible candidates were to refinance their
mortgages, they would see an aggregate savings of $3.9 billion per month,
representing a potentially significant and much-needed stimulus to the economy.
Of these, some 4.6 million could save at least $300 per month on their mortgage
payments, while 2.6 million would be able to save at least $400 per month. More
than three quarters of those refinancible homeowners have rates above 3.5


...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Fidelity Home Group | Mortgage News | Mortgage Rates
eXp Realty
Tony Fuentes
1999 W. Colonial Dr
Orlando, FL 32804

© 2021 My Florida Regional MLS DBA Stellar MLS, Inc.. All rights reserved. The data relating to real estate displayed on this website comes in part from the Internet Data Exchange (IDX) Program of My Florida Regional MLS DBA Stellar MLS, Inc. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers' personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.4/12/2021 7:17 PM CST
This site powered by CINC: www.cincpro.com