16.3M homeowners are missing out on mortgage savings, report says

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Mortgage rates have fallen to new all-time lows so many times this year that it’s almost getting routine. “Really? Again?”

But if you’re a homeowner, don’t let me catch you yawning, or shrugging off these milestones. Because a new record low means there are more old mortgages out there that are worth refinancing at lower interest — maybe including your current loan.

Thanks to the latest new floor for mortgage rates, more than 16 million mortgage holders are now good refi candidates and are missing out on hundreds of dollars in savings per month, according to a report released Monday by the mortgage data firm Black Knight.

Find out whether you’re in that group.

As rates slide, opportunities open up

Andrii Yalanskyi / Shutterstock

Rates on 30-year fixed-rate mortgages dropped last week to an all-time-low average of 3.07%, according to mortgage giant Freddie Mac, which has been conducting weekly

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Buy now, pay whenever? Lockdown lift for online shopping loans

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By Nikhil Nainan

(Reuters) – Browsing online during lockdown, Jessica Friend spotted a pair of Ray-Ban sunglasses she liked, but the price tag made the 30-year-old Ohio resident think twice.

What persuaded her to click ‘buy’, Friend said, was the short-term credit offered by Afterpay <APT.AX>, which split the $260 payment into four interest-free instalments.

Afterpay is among a handful of alternative credit firms which offer small loans, mostly to online shoppers, and make their money by charging merchants a 4%-6% commission.

These buy-now-pay-later (BNPL) firms have benefited from a shift to online shopping during the coronavirus crisis in countries including the United States, where state aid has also boosted retail sales.

“I’m more inclined to use them because they make it easier to afford to get the things I want all at once … and when I want to splurge on something,” Friend said of the loans.

Some investors

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