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News & Press: Industry News

Refis May Pick Up Due to Declining Rates

Tuesday, June 18, 2019  
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Housing Wire reported that because of the recent drop in 30-year fixed mortgage rates, almost 1 million more mortgage holders became eligible to save money by getting a refinance home loan according to Black Knight, a data analytics firm. According to Black Knight there as now 6.8 million mortgage holders who would benefit from a refinancing, factoring a difference of at least a 0.75 percentage point between their current mortgages and today’s rates. The numbers are based on the Freddie Mac rate survey showing rates dropping to 3.82% from the 3.99% seen in the last week of May. The last time rates were so low was September 2017. Declining rates are predicated on the Federal Reserve responding to a slowing economy by cutting rates either at its meeting this week or at its meeting at the end of July.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851