Refinance Pool Swells To 8.2 Million
New data by Black Knight shows 8.2 million homeowners with mortgages could now both benefit from and likely qualify for a refinance. Most significantly that includes over a third of owners who refinanced their mortgages in 2018.
Black Knight Data & Analytics President Ben Graboske said in a statement, “As of June 27, there were 1.5 million refinance candidates from the 2018 vintage alone, accounting for one of every six such candidates in the market, matching the total from the 2013-2017 vintages combined.”
Based on the latest data, Black Knight also reported nearly 44 million homeowners with mortgages have more than 20 percent equity in their homes. With a combined $5.98 trillion, that works out to an average of $136K per borrower with tappable equity. While tappable equity is nearing last summer’s all-time high of $6.06 trillion, and will likely surpass that peak as home prices rise seasonally over the summer months, the annual growth rate has slowed considerably in recent quarters.
To learn more about the Black Knight report, click on the image above.