More than 9 million homeowners could save big money on a mortgage refinance as rates sink
A sign advertising home mortgage services at a Bank of America branch in Manhattan Beach, Calif.Millions more borrowers can now save big on a mortgage finance as rates have hit the lowest level in more than three years.
Black Knight defines refinance candidates as 30-year mortgage holders with a maximum at least 20% equity in their homes and credit scores of 720 or higher, who could shave at least 0.75% off their current first lien rate by refinancing. Looking at borrowers with lower credit scores than Black Knight's criteria, there are actually close to 19 million borrowers who have interest rates on their loans at least 0.75% higher than today's rate.
The unexpected drop in mortgage rates is due in large part to market fears over the coronavirus. Investors have been rushing to the relative safety of the bond market, pushing yields down. Mortgage rates loosely follow the yield on the 10-year Treasury.
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