ARR - Number of refinance candidates declines to year low after mortgage rates rise

The average 30-year mortgage rate of 3.17%, its highest in nine months, is reducing the number of high-quality refinance candidates down to 11.1M, its lowest level since a year ago, according to mortgage technology and data provider Black Knight.On average, those mortgage holders who could benefit from refinancing stand to save $277 per month. Of the total number, more than 2M homeowners could save at least $400 per month, the company said.Source: Black KnightThe biggest number of refinance candidates is in California (1.43M), followed by Florida (901K) and Texas (825K). The top metro areas are New York-Newark-Jersey City, NY-NJ-PA (713K); Los Angeles-Long Beach-Anaheim, CA (418K); and Chicago-Naperville-Elgin, IL-IN-WI (413K).Black Knight defines refinance candidates as 30-year mortgage holders with a maximum 80% loan-to-value ratio and credit scores of 720 or higher, who could save at least 0.75% of their current first lien rate by refinancing.How much changes in prepayment rates affects

For further details see:

Number of refinance candidates declines to year low after mortgage rates rise