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Nearly 5 million homeowners can now save money on their mortgages Posted on April 1, 2019 by Josh Brown A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages.
· Some 5.1 million homes have the entire value of the property still to pay off. The stats actually say that they have “100 percent or more” to pay off, which is entirely possible if the home is now worth less than what is currently owed on the mortgage (i.e. the home is underwater).
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The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate — two million more than last month, according.
With the average rate on the 30-year fixed now close to 4 percent, 4.9 million borrowers could likely qualify for a refinance and reduce their interest rate by at least three-quarters of a percentage.
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Most Americans have agreed, especially if those pennies are spent buying a home. on their money. Building & loans aggressively advertised the beginning of each of the year’s two or three series.
· After a steep 30-year fixed-rate mortgage drop to close out March, nearly 5 million homeowners could save if they refinanced their homes. In the week ending on March 29, the 30-year fixed-rate mortgage fell 22 basis points, from a 4.28 percent average the week prior to.
Nearly 5 million homeowners can now save money on their mortgages. That is a nearly 50 percent increase in the size of that population in a single week.. A sharp drop in interest rates last.
Nearly 5 million homeowners can now save money on their mortgages April 1, 2019 | Diana Olick, NBR, CNBC.com A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages.