From FoxBusiness.com…
Many homeowners have not refinanced their mortgage since the start of the coronavirus outbreak, but with record low interest rates, they should reconsider.
According to a recent report by Bankrate.com, less than 1 in 5, or about 19 percent, of homeowners with pre-pandemic mortgages have refinanced.
Close to half, about 47%, with pre-pandemic mortgages have yet to consider refinancing, while more than a quarter, about 27%, have considered, but have yet to actually refinance. In addition to this, 7% don’t know if they’d refinanced their mortgage or not.
“The overwhelming majority of mortgage borrowers have not yet refinanced, despite record low rates over the past year,” said Bankrate.com chief financial analyst Greg McBride, CFA.
