Nearly 5 million homeowners can now save money on their mortgages

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A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages. With the average rate on the 30-year fixed now close to 4 percent, 4.9 million borrowers could likely qualify for a refinance that could reduce their interest rates by at least three-quarters of a percentage point, according [.]

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That is a nearly 50 percent increase in the size of that population in a single week. On a $300,000 mortgage, a refinance from 4.81 percent to 4.06 percent would save the homeowner about $133 per month. A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages.

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Nearly 5 million homeowners can now save money on their mortgages Posted on April 1, 2019 by Josh Brown A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages.

That is a nearly 50 percent increase in the size of that population in a single week. On a $300,000 mortgage, a refinance from 4.81 percent to 4.06 percent would save the homeowner about $133 per month.

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The Home Affordable refinance program (harp) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages.. If the homeowner were not already paying for PMI, the added cost could nullify much.

More than 69,000 homeowners requested an offer from Zillow to purchase their home during. with more than 194 million average monthly unique users in Q2, an increase of 4% year over year, while.