Low interest rates continue to expand the pool of refinancible mortgages and bolster mortgage prepayment rates according to Black Knight's Mortgage Monitor.  The company, noting that Freddie Mac's 30-year fixed rate mortgages dropped 9 basis points last week to 3.49 percent, said its measure of the refinanceable population of homeowners is "the largest it has ever been" and July's prepayments were the highest in three years. More than half of homeowners with a 30-year mortgage now have an interest rate 0.75 percent above the prevailing rate.  At 24.5 million, this is the largest the pool has been since early 2013.  Of those, 11.7 million are considered capable of being approved for a new loan with a credit score of 720 or more, at least 20 percent equity in their homes, and being current on their mortgage payment. 

 

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