The Freddie Mac 30-year average came in at 3.45% last week, the lowest level in almost 3.5 years and just 14 BPS above all-time lows.
This pushed the number of high-quality refinance candidates to approximately 11.3 million homeowners, for an aggregate potential monthly savings of $3B—both the highest on record outside of a single week last September when rates also fell below 3.5% for a brief period. That’s according to Black Knight.
Of that group, 1.1 million homeowners could save $500 per month or more through a refi into a new 30-year fixed loan. The average savings per borrower is $268 per month.
Note: 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.