19.4 Million Homeowners Could Cut Their Mortgage Payment by $309 per Month on Average

Christy Bieber, The Motley Fool
·3 min read
19.4 Million Homeowners Could Cut Their Mortgage Payment by $309 per Month on Average

The average interest rate on home mortgage loans fell to another record low last week, hitting the lowest level in close to 50 years of tracking. As mortgage rates have continued to drop, the number of people who could benefit from refinancing has increased. In total, qualified homeowners could save $5.98 billion a month by refinancing, which is the largest amount in recorded history.