Millions Of Homeowners Could Refinance And Save Money: Why Don’t They?

According to Black Knight’s April “Mortgage Monitor” millions of homeowners could refinance their mortgages and save money.

Yet, despite interest rates hovering near 3-year lows, prepayment speeds, historically a good indicator of refinance activity, fell in April.

The April “Mortgage Monitor” builds on March analysis of refinance candidates. Here is the pertinent chart from last month.

Refinance Candidates

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Roughly 2.3 million people could refinance their mortgages and save money doing so. That assessment was based on an FHLMC Mortgage Rate of 3.58% on April 14.

A quick check shows the rate is still 3.58% as of May 19.

Apparently people do not want to save money.