Survey: Over 1 in 4 Don’t Know Their Mortgage Rate
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Survey: Over 1 in 4 Don’t Know Their Mortgage Rate
February 14, 2020 11:17 AM
by
Keith Griffin

It seems like there is a good opportunity out there for refinance customers. A new survey by BankRate.com shows 27 percent of mortgage holders don’t know their current loan rate.

“Given that a home purchase tends to be the largest single item that we’ll ever make, this is need-to-know information,” says Mark Hamrick, Bankrate’s senior economic analyst.

Nearly a third of respondents said they’re paying 3.99 percent or less in interest annually. With the current average rate for a 30-year fixed-rate mortgage hovering around 3.7 percent, these homeowners are enjoying the best rates. However, the average rate among mortgage holders in the survey was 4.41 percent, well above the national average.

Bankrate commissioned polling company YouGov Plc. to ask respondents about several facets of home ownership, from how long they plan to stay in their home to whether they plan to remodel in the next couple of years. The total sample size was 2,602 adults, including 1,394 homeowners (803 of whom are currently paying a mortgage for their home).

See the complete survey details.

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