More mortgage borrowers now have incentive to refinance

More mortgage borrowers now have incentive to refinance 2.4 million homeowners can cut their interest rates by 0.75%

Try our easy-to-use refinance calculator and see if you could save by refinancing. Estimate your new monthly mortgage payment, savings and breakeven point.

Here is an example of the first: Smith has a fixed-rate mortgage with a balance of $164,000 at 5.375%, and with 18 years to go. She refinances into a 5-year adjustable rate mortgage at 5.875% that is interest only (IO) for 5 years. This reduces her monthly payment from $1186 to $803, or by $383.

Also doing great are investors who buy-mortgage backed securities. Raising the annual MIP means borrowers will have less incentive to refinance so loans will remain outstanding longer – and such stability produces ongoing rates-of-return that investors like. Lenders in the private-sector will also love the FHA increase.

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Mitt Romney, now. who owe more than their homes are worth – couldn’t qualify. The administration estimates that 3.5 million borrowers with privately-held mortgages have high enough interest rates.

As of Dec. 27, 2018, interest rates fell below 30 basis points to 4.55%, the report states, meaning that about 2.4 million borrowers can now likely qualify to reduce their interest rates by 0.75% by refinancing their existing mortgages. The data represents a 29% boost from a recent 10-year low for refis.

Borrowers purchase insurance from the insurer designated by the lender, which means they have no market power. Lenders have market power because they select the insurer and refer multiple loans, but they have no incentive to use their power to reduce premiums because they do not pay the premiums.

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While refinance volume has dropped off in recent years as interest rates have inched upward, incentive to refinance has returned for some homeowners. According to the latest from Black Knight, about 550,000 more borrowers could lower their mortgage payments by refinancing, meaning that about 2.4 million borrowers can now use a refi to reduce their interest rates by 0.75%.

 · The latest rate change brings refinance incentive to 1.6 million more homeowners than before – a near 50% jump in refi incentive in a single week’s time. This is welcome . . .

A sharp drop in interest rates last week suddenly made millions more borrowers eligible for a mortgage refinance. With the average rate on the 30-year fixed now close to 4 percent, 4.9 million.