Exploring recent trends in digital originations for mortgage lenders, highlighting the role of fintech and AI in reshaping the lending process.
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The Freddie Mac 30-year average inched back up to 3.56% last week after dipping to 3.49% the previous week. And, just like that, the population of high-quality refinance candidates fell by almost 2 million to 9.8million, according to data from Black Knight.
The average savings per borrow was $269/month, while the aggregate monthly P&I savings was $2.6B.
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.
