Rates Have Disproportionate Impact on Refi Pool

Posted To: MND NewsWire

It wouldn’t be surprising to find both lenders and consumers suffering from whiplash following the first quarter of 2017. Mortgage rates, which shifted by as much as 30 basis points in either direction during the quarter, took the refinanceable population along for the ride. That population is defined by Black Knight Financial Services in its Mortgage Monitor as homeowners who can both qualify for refinancing and have the motivation to it. In any given week during the quarter, Black Knight says, “relatively small interest rate movements have increased or decreased the size of the refinanceable population by as much as 20 percent.” For example, the 30-year fixed rate mortgage dropped below 4.0 percent on April 20 and that increased the refinance pool to 4.1 million, up 46 percent from the 2…(read more)

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Source: Mortgage News Daily

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