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Refi Candidate Population Shrinks to 7.1M: Black Knight

With mortgage rates rising, refinance candidates have become fewer and farther between, new data shows.

Black Knight 200x186According to information from mortgage technology and data provider Black Knight, the population of high-quality refinance candidates has fallen to 7.1 million, down from 11 million at year-end 2021 and from as high as almost 20 million in early 2020.

There haven’t been so few refinance candidates since November 2019, when rates were about 3.75%, Black Knight says. According to the company, “Black Knight defines refinance candidates as 30-year mortgage holders with a maximum 80% loan-to-value ratio and credit scores of 720 or higher, who could shave at least 0.75% off their current first lien rate by refinancing.”

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