Mortgage rates keep falling, yet many homeowners are still sitting on the sidelines waiting to refinance.
Rates have been dropping steadily since the coronavirus crisis began, spurring a refinancing boom. According to mortgage data firm Black Knight, servicers originated more than 2.3 million refinance loans in the second quarter of 2020, the highest volume in nearly 17 years. With rates below 3%, a recent Black Knight study found that 19.3 million homeowners stand to knock at least 0.75% off their current mortgage rate by refinancing.
Daniel Bortz | Money