20 million homeowners could see a mortgage rate drop
Mortgage rates hit an almost three-year low last week, and it seems homeowners are finally taking full advantage.
Trade wars and economic uncertainty are the most likely culprits, sending Treasury yields and interest rates down with them, explains Joel Kan, associated vice president of economic and industry forecasting for the Mortgage Bankers Association.
As of Friday, analysis from property data firm Black Knight shows there are about 20 million homeowners who could “theoretically” see a 75-point drop in mortgage rates by refinancing. If they have at credit score of 720 and at least 20% equity in their property, it could mean savings of nearly $270 per month.
As Holden Lewis, home expert for NerdWallet explains, “Mortgage rates have rebounded a bit in the last week, but even so, millions of homeowners could save money by refinancing. That includes most people who bought homes in 2018. Seriously, even if you bought your home last year, you could save money by refinancing right now.”Read more: Forbes
Weekly mortgage refinances spike 37% in one week as rates fall furtherAnother sharp drop in mortgage rates sent even more homeowners to their lenders, hoping to save money on their monthly payments.
5 things to know before the stock market opens WednesdayDow set to drop; bonds flash recession signal; Chinese economic data weakens; China blames the US for Hong Kong protests; mortgage refinances surge The Dow is set to drop about 200 points Wednesday morning after key bond yields invert. Sell Sell Sell!!
Mortgage applications tick higher as rates drop'Total mortgage application volume jumped nearly 22% just for the week, up 81% from a year ago,' reports CNBC's DianaOlick. DianaOlick DianaOlick TrumpRecession trending TO SOON , consumer spending, working buying houses , GDP, just an algorithm DianaOlick Yes! Pump that housing market!
More signs point to a softer housing market, even as mortgage rates fallBuilders and buyers alike are pulling back, even as mortgage rates fall to multiyear lows. The housing market is simply too pricey, and consumers are starting to worry about the economy and their personal finances.
The wealth gap between generations in the US has nearly doubled in the past 20 years — and the Great Recession, an unaffordable housing market, and astronomic student-loan debt are to blameMillennials have seen a decrease in net worth compared to the same-aged cohort 20 years ago, while baby boomers have seen an increase, says a study. Twenty years ago the purchasing power of “ A DOLLAR “ was $1.00 today it will buy $0.50 Is this a wealth gap or poor monetary management called INFLATION?
Oh Sees Share New Song 'Together Tomorrow' from This Friday's New Double Album Face StabberOh Sees (TheeOhSees) share 'Together Tomorrow,' another ripper from this Friday's new double album 'Face Stabber':