In the latest edition of Mortgage Monitor, Black Knight, a data and analytics provider for the mortgage and home equity lending industry, is once again looking at the number of Americans who could benefit significantly by refinancing their first mortgages. Black Knight estimates that 90% of homeowners who have sufficient equity in their homes and have the qualifying credit to refinance could improve their interest rates and lower their monthly payments. The Freddie Mac reported mortgage rate as of 7/3 was 3.07% on a 30-year FRM. At that rate, 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.
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