As the second quarter of 2020 drew to a close, the mortgage refinancing industry began to experience a surge in refinancing activity. According to industry sources, the total number of mortgages that were refinanced from the second quarter of 2020 to the fourth quarter of 2021 was 14 million, accounting for nearly one-third of all outstanding mortgages.
The sharp increase in refinancings can largely be attributed to the historically low interest rates resulting from the economic uncertainty surrounding the global pandemic. During this period, approximately 7.2 million borrowers in the United States chose to refinance their existing mortgages, resulting in an estimated saving of $20.1 billion in just the first six months of refinancings. This significant savings was facilitated in part through various initiatives, with many lenders waiving their fees and offering tailored options for borrowers.
The following points summarize the key elements of this article:
• 14 million mortgages were refinanced from Q2 2020 to Q4 2021
• This accounts for nearly one-third of all outstanding mortgages
• This surge can be attributed to the historically low interest rates resulting from the economic uncertainty of the global pandemic
• 7.2 million of these refinancings were carried out in the US
• This resulted in an estimated saving of $20.1 billion in the first six months of refinancings
• Lenders offered tailored options and waived fees to facilitate the refinancings
You can read this full article at: https://www.housingwire.com/articles/new-report-shows-who-took-advantage-of-the-covid-refi-boom/(subscription required)
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