Posted To: MND NewsWire
Black Knight says that, amid all of the aid and stimulus provided to keep the economy rolling along during the pandemic, one aspect that doesn’t get a lot of attention is refinancing . Black Knight points out in its current Mortgage Monitor that 14.3 million homeowners have refinanced since the beginning of the pandemic, 600,000 of them in each of the past four months. This puts the country on track for as many as 8.9 million refis this year, on top of the record 9 million in 2020. Due to record low interest rates, nine million of those refinances were of the rate/term variety, and homeowners who completed them saved an aggregate of $1.3 billion a month on their mortgage payments. Assuming these homeowners stay in their homes through the end of next year, the aggregate savings will rise to…(read more)
