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Homeowners Reduce Mortgage Debt Through Refinancing
Mortgage News > Homeowners Reduce Mortgage Debt Through Refinancing
Freddie Mac released its third quarter reports revealing that 82% of homeowners that refinanced their home loans were able to reduce their existing mortgage debt.
Frank Nothaft, Freddie Mac vice president and chief economist, stated that "The typical borrower who refinanced reduced their interest rate by about 1.2 percentage points. On a $200,000 loan, that translates into saving $2,500 in interest during the next 12 months.”
Borrowers able to cash out on their loan and increase their balance up to five percent represented 18% of all of Freddie Mac’s refinancing loans.