In case you didn’t hear, rates are ridiculously low right now after a trade war/jobs report 1-2 punch in rate markets.
It means a ton of homeowners can refi and meaningfully lower their monthly budget.
Here’s the data fresh from our friends at Black Knight: 6.8 million people could save at least 75 basis points with a refi.
75 basis points is 0.75% and it means 30-year fixed rates that were about 4.5% in October and November are as low as 3.75% today for certain borrower profiles.
Even since last week, 1 million more homeowners can refi today.
Almost 7 million people saving a big chunk per month? What’s the catch?
Speed is the main issue when rates dip like this. People often hold for better and rates rarely stay this low when they’re in the 3s.
Also don’t look too close at the average monthly savings in the table above. It’s all about your profile and your budget and only your loan advisor can answer that for you.
Good luck and move fast. Let us know if you have questions.