Mortgage rates in the US are near a three-year low. And while that’s clearly good news for people hoping to buy property, it can also be great news for current mortgage holders. Refinancing is on the rise, doubling since late July—and for good reason.
According to a recent article from Forbes, property data firm Black Knight shows that, in the current market, there are about 20 million Americans who could “theoretically” see a 75-point drop in mortgage rates by refinancing. So, which homeowners stand to save by refinancing? Americans with a credit score of 720 or higher and at least 20 percent equity in their property could save a whopping $270 per month.
So, what does that mean for you? If you’re a current homeowner with a mortgage, you should at least explore the possibility of refinancing; with interest rates so low, refinancing could translate to serious savings on your mortgage payment.