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
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