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Report: 550k more people have reason to refinance


The drop in mortgage rates returned roughly 550,000 borrowers to the pool of people who could benefit from a rate-driven refinance, according to Black Knight.

As of Dec. 27, the 30-year fixed mortgage had fallen 30 basis points to 4.55 percent. As a result, some 2.4 million homeowners with mortgages could likely qualify for a refinance, and also reduce their interest rates by at least 0.75 percent, the company estimated.

The number of people with an incentive to refinance, though up significantly from the 10-year low point, was still nearly 50 percent fewer than at the end of 2017, Black Knight said.

Through the first three quarters of 2018, just 8.5 percent of the 4.8 million mortgages originated were rate-term refinances, the lowest share since Black Knight began tracking this in 2005. Cash-out refinances comprised 27 percent of the originations. Purchase loans comprised 64 percent of the originations. 


 

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