Items Tagged with 'refinancings'

ARTICLES

  • Cheap rates create record high in “refi-eligible” population

    11.7 million mortgage holders are eligible for refinancing, Black Knight says
    More than half of all homeowners with a 30-year mortgage are now paying interest that’s 0.75% or higher than current rates, the largest share in six years, according to Black Knight. Of those, 11.7 million are “refi-eligible,” meaning they also meet broad-based underwriting criteria such as credit scores at 720 or above and enough equity to satisfy most lenders, Black Knight said.
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  • FICO scores for refi borrowers reach six-year high, Ellie Mae says

    Average credit score for conventional refinancings jumps to 750
    The average credit score of borrowers who refinanced mortgages in July with loans backed by Fannie Mae and Freddie Mac rose to a six-year high, according to an Ellie Mae report. The score was 750, up from 742 in June. Low mortgage rates are attracting more creditworthy borrowers who are looking to improve their household balance sheets by lowering their monthly bills.
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  • Low rates have made 8.2 million mortgages "refi eligible"

    Another eighth of a percentage point decline would push the total to 9.7 million
    Low mortgage rates have made 8.2 million U.S. mortgages "refi eligible," meaning borrowers would save money by getting a new home loan even with the application and funding costs, according to Black Knight. The size of the "refinanceable population" could fluctuate with even small movements in rates, Black Knight said in a report on Monday.
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  • Cheap rates may push refis to a 3-year high

    MBA forecast says refi volume will grow to $180 billion this quarter
    Cheap rates could push mortgage refinancings to an almost three-year high in the current quarter, the Mortgage Bankers Association said in their latest forecast. The refi volume probably will grow to $180 billion in 2019’s third quarter, the group said. That would be the highest since the $265 billion of refis in 2016’s fourth quarter, according to MBA data. The refi share probably will be 33%, the highest since the first quarter of 2018 when it was 37%, the forecast said.
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