More mortgage borrowers now have incentive to refinance

A massive wave of homeowners now has an incentive to refinance their mortgages and they could find the process faster than it’s been in recent memory thanks to technology improvements. Borrowers of about $1.2 trillion of home loans could save at least half a percentage point of interest by refinancing, according to data compiled by Brean Capital.

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A report from Black Knight Financial Services last week showed that the pool of borrowers who had incentive to refinance shrank over the last several weeks as interest rates rose above 4%. Now..

 · More than 950,000 such borrowers now have the incentive to save 0.75% on the interest rate they received last year, while also meeting broad-based eligibility criteria to do so. This creates a large pocket of both prepayment risk and refinance opportunity among 2018 vintage mortgage holders, who were only just recently active in the market.

According to the latest report from Black Knight, 4.9 million homeowners with a mortgage can now reduce their interest rate by at least 0.75% by refinancing after the recent drop in mortgage rates. The latest rate change brings refinance incentive to 1.6 million more homeowners than before – a near 50% jump in refi incentive in a single week.

While refinance volume has dropped off in recent years as interest rates have inched upward, incentive to refinance has returned for some homeowners. According to the latest from Black Knight, about 550,000 more borrowers could lower their mortgage payments by refinancing, meaning that about 2.4 million borrowers can now use a refi to reduce their interest rates by 0.75%.

As of Dec. 27, 2018, interest rates fell below 30 basis points to 4.55%, the report states, meaning that about 2.4 million borrowers can now likely qualify to reduce their interest rates by 0.75% by refinancing their existing mortgages. The data represents a 29% boost from a recent 10-year low for refis.

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 · More than 8 million borrowers can now benefit from refinancing their mortgage refi pool jumps by 1.5 million as rates fall

It noted that with Freddie Mac’s average 30-year fixed rate falling to 3.99 percent at the end of May, the number of borrowers who have the incentive to refinance grew to 5.9 million. That’s up by 2 million people from the figure recorded in mid-April and up by 1 million compared to the end of March.

 · More mortgage borrowers now have incentive to refinance 2.4 million homeowners can cut their interest rates by 0.75%