Millions more Americans could save money through a refinance as mortgage rates hit another historic low. The 30-year fixed-rate mortgage average hit 2.86% this week, according to Freddie Mac. Just one year ago, rates were considered low at 3.56%. Data analytics company Black Knight says that drop means more than 19 million Americans could save money through a refinance on their current home loans.
There is no question that the consistently low rates have spurred incredible volume for the mortgage industry.