Why homeowners are leaving billions on the table

Julie C. Nichols General

Reblogged from CNBC – Diana Olick

Mortgage rates have been so low for so long that it is hard to believe nearly everybody hasn’t refinanced to a lower rate yet. Believe it. More than 5 million borrowers could both qualify and benefit from a mortgage refinance, according to a new report from Black Knight Financial Services.

True, that is less than the nearly 7 million who could have refinanced just last spring, when the average rate on the 30-year fixed mortgage was below 3.7 percent. Today, thanks to the rout in the stock market, rates have fallen back just below 4 percent. About 2.4 million borrowers could potentially save $200 or more on their monthly mortgage payments and an additional 1.9 million could save $100 to $200 per month. Add it up, and that is $1.2 billion still on the table, according to Black Knight.

>> Read More: http://www.cnbc.com/2016/01/11/why-homeowners-are-leaving-billions-on-the-table.html

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