With mortgage rates plummeting so quickly, millions of homeowners could benefit from refinancing their home. The average rate on the 30-year fixed mortgage fell to a record low of 3.29%, Freddie Mac reported this week. That’s down from the previous low of 3.31% in November 2012, in the wake of the financial crisis. This means that approximately 13 million borrowers can now save money by refinancing their home loans and lowering their current rates by at least 75 basis points. That is a record number of potential refinance candidates and an increase of 1.7 million eligible borrowers in just the last week and a 60% jump year to date. That is the highest number of potential refinance candidates on record.1 This is a tremendous opportunity for Loan Officers to close more loans!
