Borrowers who refinanced during the first quarter of 2017 reduced their monthly payments by an average of $109, which translates to a cumulative savings of $36.5 million a month, the lowest since 2008.
MarketWatch reports that at current rates, if every homeowner who could refinance did so, they would save an average of $260 a month.
Black Knight calculated that roughly 2.5 million borrowers could cut their monthly payments by between $100 and $300, while another 700,000 could save $400 or more each month.
Mortgage rates have fallen below 4 percent, but the Federal Reserve hiked rates by 0.25 points this week, and may do so again.
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