Mortgage rates are falling unexpectedly and sharply, and that means millions more homeowners can benefit from a refinance. The average rate on the popular 30-year fixed has fallen from a recent high of 4.23% on May 21st to 3.94% now, according to Mortgage News Daily.
There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages. That is an increase of 2 million in just the past month, according to Black Knight, a mortgage software and analytics company.
Fear over the ongoing trade war with China, and now Mexico, has investors rushing to the relative safety of the bond market, pushing yields lower. Mortgage rates loosely follow the yield on the 10-year Treasury. If the rate were to drop just another quarter point, close to 7 million borrowers could benefit from a refinance, with a collective savings of just over $1.8 billion.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Mortgage rates slide below 4% as the trade war buffets marketsRates for home loans fell again, taking the most popular loan product below a psychological threshold, but Americans’ confidence may be too fragile to take...
Weiterlesen »
Mortgage Rates Fall Below 4%, Lifting Hopes for Housing ReboundMortgage rates dropped below 4% for the first time since early last year, adding to hopes for a revival in the housing market, which has cooled after years of torrid price growth
Weiterlesen »
U.S. 30-year mortgage rates drop below 4%: Freddie MacInterest rates on U.S. 30-year fixed-rate mortgages fell below 4% for the first ...
Weiterlesen »
NZ central bank says current mortgage curbs appropriate, risks remain elevatedNew Zealand's central bank said on Wednesday that the country's financ...
Weiterlesen »
Scotiabank misses profit on higher provisions, flags slow mortgage growthBank of Nova Scotia, Canada's third-biggest lender, on Tuesday missed analy...
Weiterlesen »
REITs Bet Big on the Mortgage MarketA once-sleepy corner of American housing finance is increasingly buying up mortgages, and it stands to grow further as the government’s role in the market shrinks.
Weiterlesen »
Canada Goose shares plunge 26% as revenue growth slowsCanada Goose Holdings Inc posted its slowest revenue growth in eight quarters an...
Weiterlesen »
'The algorithm is our boss': Uber drivers face long hours, no benefits and sometimes dangerAs Uber's initial public offering unfolded earlier this month, drivers across the country went on strike to denounce low wages and lack of benefits. CNBC spoke with the company's drivers about how their financial lives are faring.
Weiterlesen »
Despite Trump administration denials, new evidence suggests census citizenship question was crafted to benefit white RepublicansAccidentally discovered files indicate that plans to add the citizenship question date to 2015 and then were pushed after Trump took office.
Weiterlesen »