Homeowners could be saving nearly $300 per month on their mortgages, according to a recent Forbes report. Mortgage rates are at their lowest levels in three months and both homeowners and home buyers could be reaping some serious benefits.
"According to analysis from data and analytics firm Black Knight, the average homeowner can save $272 per month by refinancing their mortgage loan today," according to Forbes.
"And the total refinanceable population based on Freddie Mac’s latest rate data? That’s a whopping 9.43 million homeowners."
While the total $2.57 billion in potential savings for those homeowners is exponentially high, it still has not reached the all-time high.
"And even recent homeowners—including 3 million who took out their mortgages in the last three years—could join in, shaving 0.75 percent or more off their interest rate," according to the report.
To learn more about the current mortgage rates and what it means for current customers and potential customers, click here.