RealtorMag
About 1.4 million homeowners missed out on refinancing their mortgages when interest rates were lower, according to a new study by real estate data firm Black Knight. But the opportunity to take advantage of historically low rates hasn’t evaporated for everyone.
In just the last 40 days, rate hikes for the 30-year fixed-rate mortgage have cut the population of borrowers with the incentive to refinance by nearly 40 percent, according to the report. The 30-year mortgage averaged 4.43 percent for the week ending March 1, about a half percentage point higher than it was at the start of the year, Freddie Mac reports. Refinancing doesn’t always make sense for a homeowner. Borrowers should also consider the amount of equity they have, their creditworthiness, and how much longer they plan to stay in their house.
