• Mortgage rates are falling unexpectedly and sharply, and that means millions more homeowners can now benefit from refinancing their loans.

The average rate on the popular 30-year fixed has fallen from a recent high of 4.23% on May 21 to 3.94% now, according to Mortgage News Daily.

Fear over the ongoing trade war with China, and now potentially Mexico, has investors rushing to the relative safety of the bond market, pushing yields lower. Mortgage rates loosely follow the yield of the 10-year Treasury.

There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages. That is an increase of 2 million in just the past month, according to Black Knight, a mortgage software and analytics company.

Key Facts:

• -There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages. That is an increase of 2 million in just the past month, according to Black Knight, a mortgage software and analytics company.
• -That is the largest population of eligible candidates in nearly three years and represents an aggregate of $1.6 billion in potential monthly savings. Per borrower, the savings is about $271 per month.
• -The average rate on the popular 30-year fixed has fallen from a recent high of 4.23% on May 21 to 3.94% now, according to Mortgage News Daily.
  • -From Diana Olick at CNBC.COM
• If you're curious to see if refinancing is right for you, contact us today and we will connect you with a top-rate mortgage lender.  craig@TheRegerGroupNetwork.com

-Craig Reger