{"id":19992,"date":"2022-01-26T13:44:35","date_gmt":"2022-01-26T13:44:35","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19992"},"modified":"2022-01-26T13:44:38","modified_gmt":"2022-01-26T13:44:38","slug":"borrowers-missed-refinancing-savings","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/borrowers-missed-refinancing-savings\/","title":{"rendered":"Borrowers Missed Refinancing Savings"},"content":{"rendered":"\n

Borrowers Missed Refinancing Savings<\/p>\n\n\n\n

The number of owners who can save by refinancing is down by more than half from the start of this year to 5.9 million, according to Black Knight data. Black Knight considers refinance candidates as 30-year mortgage holders who have a maximum 80% loan-to-value ratio, a credit score of 720 or higher, and a likelihood of reducing their current first lien by at least 0.75%.<\/p>\n\n\n\n

The average 30-year fixed-rate mortgage has climbed by about 50 basis points in the first weeks of the year.<\/p>\n\n\n\n

Still, even with recent mortgage rate increases<\/a> aside, many of those 5.9 million borrowers could still see savings of $275 a month per borrower, according to Black Knight. More than 1 million of them could save at least $400 a month, and 661,000 borrowers could trim $500 or more from their monthly mortgage at current rates.<\/p>\n\n\n\n

The remaining borrowers may have missed the opportunity to save by not refinancing when mortgage rates were below 3%. The number of refinance candidates has dropped significantly from about 11 million at the start of the year and is down by about 20 million in late 2020.<\/p>\n\n\n\n

Mortgage applications to refinance a home are down by half from a year ago, the Mortgage Bankers Association reports.<\/p>\n\n\n\n

Nearly 18 million homeowners have refinanced over the last two years.<\/p>\n\n\n\n

While many homeowners over the last two years have taken advantage to lower their mortgage payments, they\u2019ve also quickly accumulated equity, in record amounts. A sharp increase in home prices has meant that, in the last year, homeowners have gained an average of $50,200 in equity, according to data from the National Association of REALTORS\u00ae. Source:\u00a0\u201cMore than 5 Million Borrowers Just Missed Their Chance to Save on a Mortgage Refinance<\/a>,\u201d CNBC (Jan. 21, 2022)<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Borrowers Missed Refinancing Savings The number of owners who can save by refinancing is down by more than half from the start of this year to 5.9 million, according to Black Knight data. Black Knight considers refinance candidates as 30-year mortgage holders who have a maximum 80% loan-to-value ratio, a credit score of 720 or higher, … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-19992","post","type-post","status-publish","format-standard","hentry","category-uncategorized","item-wrap"],"yoast_head":"\nBorrowers Missed Refinancing Savings - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/borrowers-missed-refinancing-savings\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/borrowers-missed-refinancing-savings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/borrowers-missed-refinancing-savings\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Borrowers Missed Refinancing Savings\",\"datePublished\":\"2022-01-26T13:44:35+00:00\",\"dateModified\":\"2022-01-26T13:44:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/borrowers-missed-refinancing-savings\\\/\"},\"wordCount\":289,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/borrowers-missed-refinancing-savings\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/borrowers-missed-refinancing-savings\\\/\",\"name\":\"Borrowers Missed Refinancing Savings - 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