Mortgage rates are dropping, giving millions of homeowners an opportunity to lower their monthly payments. An estimated 8.2 million borrowers could refinance and potentially lower their monthly payments by at least 75 basis points, estimates Black Knight, a mortgage software and analytics firm. This marks the largest percentage of homeowners who stand to benefit from lower mortgage rates since the end of 2016.
Last week, the average 30-year fixed-rate mortgage reached a two-and-a-half-year low of 3.73%, Freddie Mac reports.
Continue reading…
