Nearly 6 Million Borrowers Could Benefit From Refinancing

A recent sharp decrease in mortgage rates means that about 5.9 million borrowers could see their rates drop by at least 75 basis points through refinancing, CNBC reports.

That is the largest population of eligible candidates in nearly three years and represents an aggregate of $1.6 billion in potential monthly savings. Per borrower, the savings is about $271 per month.

The average rate on the popular 30-year fixed has fallen from a recent high of 4.23% on May 21 to 3.94% now, according to Mortgage News Daily.

Fear over the ongoing trade war with China, and now potentially Mexico, has investors rushing to the relative safety of the bond market, pushing yields lower. Mortgage rates loosely follow the yield of the 10-year Treasury.

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