The average U.S. rate for a 30-year fixed mortgage has dropped to the lowest it has ever been since 2017, making many existing homeowners eligible for a refinance.
From hitting a two-year low on rates, Black Knight and Freddie Mac claim that almost 6.8 million U.S. citizens are eligible for a refinance (based on a 0.75% threshold) off their current mortgage rate.
Refinance applications are currently leading the charge, strengthening profitability for many lenders and decreasing mortgage payments for current homeowners in their pipeline. You can even help new and current customers determine their savings rate by using this mortgage rate calculator.
As a loan originator, this means that the time to advertise for a refinance is, you guessed it, now, especially since consumer demand and profitability outlooks remain high. It would be in your best “interest” (pun intended) to alert your customers to these low mortgage rates. The “average” homeowner probably doesn’t keep track of the housing market on a daily basis and will most likely miss this great financial move, so make sure you’re helping your eligible customers become aware of these money-saving possibilities!