Black Knight, a property analytics firm, has revealed some startling data this week, and it appears to be quite exciting news for more than half of Americans, and more than 80% of people who closed a mortgage in 2018.
In total, the data appears to reveal that more than half of American homeowners have a mortgage rate that is at least 75 basis points higher than the current average. In fact, they say that the pool of potential mortgage refinancers is the largest pool since 2000.
The Forbes article goes on to state, “For homeowners looking to tap home equity instead of just improve their rate, the news is also good. Total tappable home equity hit a record-high last quarter, clocking in a $6.3 trillion. The average homeowner has $140,000 in equity available to them via a cash-out refinance or other home equity product.”
Here at DFY, we have also been looking at the numbers, and it appears that it may also be a GREAT time to refinance an investment property, either for cash out or for a simple rate and term recalibration to take advantage of the 3-year mortgage interest rate lows.
To read the full Forbes article and to look at all of this incredible and exciting research…