Americans saved $ 14 billion by refinancing theirsince the start of the COVID-19 pandemic, spurring tens of billions of dollars in economic activity in the process, according to the latest mortgage report from Black Knight, a financial services company for the mortgage and real estate industries.
âIn the first 18 months of the pandemic, these borrowers reduced their overall mortgage payments by more than $ 1.3 billion per month,â said Ben Graboske, president of data and analytics at Black Knight, in report Monday. “Assuming they all stay at home for the duration of 2022, this group is on track to save nearly $ 35 billion in total by the end of next year.”
Over the past 18 months, an additional 5.5 million Americans have tapped into their home equity through cash refinances, saving them $ 322 billion since the start of the pandemic. The number of Americanshas never exceeded 10 million so far, and there are still “more incentives [to refinance] on the market than at any time before 2020, âaccording to the report.
For Americans with high interest rates,remains a golden opportunity to refinance. There is $ 9.1 trillion in disposable net worth that , and half are owned by owners with rates of 3.5% or more. If you are one of them, you can if you don’t explore a refi. In addition, almost three-quarters (71%) of that net worth is in the hands of homeowners. of 760 or more – a population that has a good chance of being approved for a new mortgage with a lower interest rate.