As mortgage rates fall, homeowners miss a new chance to refinance and save!

Mortgage rates have receded back below 3%, but that hasn't been enough to entice homeowners or house hunters into the mortgage market. Applications for both refinance and home purchase mortgages fell last week, according to a new report from a major mortgage industry trade group.

A scorching, undersupplied real estate market is contributing to the decrease in purchase applications, but homeowners holding off on refinancing don’t really have a comparable excuse.

With the typical mortgage rate still historically low, over 14 million homeowners have opportunities to save an average $287 a month with a refinance, the mortgage technology and data provider Black Knight recently said.

Both the field of refi candidates and the average savings will inevitably start shrinking once mortgage rates climb back to their pre-pandemic levels. Clayton Jarvis

Thu, July 8, 2021, 9:36 AM