A recent sharp drop in mortgage rates hasn’t unlocked savings just for those looking to purchase a home—homeowners may also benefit. About 5.9 million borrowers could see their rates drop by at least 75 basis points by refinancing their mortgages, according to Black Knight, a mortgage software and analytics firm. That is up by 2 million in the past month alone.
That’s the largest population of eligible borrower candidates in nearly three years for savings. The savings could add up to about $271 per month per borrower.
The average 30-year fixed-rate mortgage averaged 3.94% in the latest week.