1 in 5 Homeowners With a Mortgage Could Save Money By Refinancing–But Few Are Taking the Plunge
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
The share of homeowners who are “in the money” for a refinance has hit its highest level in over four years as mortgage rates dip to around 6%But less than 1 in 10 eligible homeowners have refinanced, even though they stand to save money SEATTLE--(BUSINESS WIRE)--One in five (19.8%) U.S. homeowners with a mortgage could save money by refinancing to a lower rate, according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s the highest share in over four years and up from just 7% a year ago.These calculations are based on a 6.08% mortgage rate, the average so far this year. A homeowner is “in the money”—meaning they could save money by refinancing—if their current mortgage rate is at least 50 basis points above the prevailing mortgage rate; for instance, if they have a 6.5% mortgage rate and the prevailing rate is 6%.There are two main reasons more homeowners are in the money for a refinance this year:Mortgage rates dropped down to 6% in February and ear
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