The refinance market remains high as rates continue to hover just above all-time lows. According to new data from ATTOM, lenders refinances over 2.23 million home loans in Q2 2021. This is a 26 percent year-over-year increase.
As many homeowners continue to qualify for sub-three-percent home loans, experts estimates that borrowers could save hundreds of dollars per month on their monthly mortgage payment. Data also shows that millions of homeowners remain eligible to refinance in to a lower fixed rate mortgage but have yet to do so.
Real estate advisers suggest that anyone who could save at least half a point on their current mortgage rate should consider refinancing as the monthly savings would outweigh any costs associated with the refinance process.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.