Lower Rates and Slower Price Gains to Help Affordability in 2019

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Posted To: MND NewsWire

Although they covered the topic in last month’s Mortgage Monitor , further declines in interest rates have prompted Black Knight to take another look at the impact on the refinance pool. The previous edition reported that the 30-basis point drop in the 30-year fixed rate mortgage from a post-recession peak in November to 4.55 percent by the end of December had boosted the pool of borrowers who could qualify for and benefit from refinancing by more than a half million . At that point the pool had returned to 2.4 million homeowners who could reduce their rate by at least 0.75 percent. Since then the rate has fallen to 4.45 percent, the lowest since last April, and the refinance pool has grown to 2.9 million, 1 million more than when rates were at their peak, and the largest this population has…(read more)

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