- The average interest rate on a 30-year fixed mortgage fell to 4.55 percent on Dec. 27, 2018, returning interest rate incentive to refinance to approximately 550,000 homeowners who could likely qualify
- 2.43 million homeowners with mortgages can now likely qualify under broad-based criteria and also reduce the interest rate on their first mortgage by at least 0.75 percent by refinancing
- While this represents a 29 percent increase from what had been a 10-year low, the total number of refinance candidates is still down by nearly 50 percent (2.3 million) from last year
- Through Q3 2018, refinances have accounted for just 36 percent of mortgage originations, making 2018 the most purchase-dominant market in 18 years
- As refinances have tended to significantly outperform purchase originations in recent years, the shift to a purchase market bears close watching moving forward
PR Newswire
JACKSONVILLE, Fla., Jan. 9, 2019
