November 22, 2024 12:53 am
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Reason to refinance: 4 million homeowners are leaving $1 billion on the table

Falling mortgage rates and rising home values are a tasty combination for homeowners, but millions are not biting because of the hassle of a refinance

By Diana Olick | CNBC

Falling mortgage rates and rising home values are a tasty combination for homeowners looking to save some cash on their monthly mortgage payments. Millions, however, are not biting, either out of ignorance or because refinancing is a hassle.

Close to 4.5 million borrowers are eligible and have a financial incentive to refinance, according to a new report from Black Knight Financial Services. That marks an increase of 1.6 million borrowers from just a few months ago, when mortgage rates were higher. The new “refinanceable” population is now at its highest point of the year. The math factors in closing costs.

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