More Covid Data Rolls in, Are Refis are Here to Stay?
Posted To: MND NewsWire
Black Knight has again taken a look at the number of Americans who could benefit significantly from refinancing their first mortgages, but the facts are shifting almost faster than they can report them. In its current Mortgage Monitor , the company reports that 90 percent of homeowners who have sufficient equity in their homes and the qualifying credit to refinance could improve their current interest rate. Sufficient, or what the company calls “tappable” equity is defined as allowing a refinance while keeping the loan-to-value (LTV) ratio at 80 percent or lower. That equity rose 8.0 percent from the first quarter of 2019 to the same quarter this year. The total is a record high of $6.5 trillion. Despite rising mortgage delinquencies, about 13.6 million homeowners still meet broad eligibility…(read more)