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9 million homeowners could save big time on a mortgage refinance as rates hit 3-year low

Millions of borrowers can now save big on a mortgage finance as rates have hit the lowest level in more than three years. The average rate on the 30-year fixed mortgage just hit 3.49%, according to a survey by Mortgage News Daily, matching the lowest level since October 2016. That’s down from 3.8% at the start of January and 4.58% a year ago. About 9.4 million borrowers could save an average $272 per month if they were to refinance to a lower rate, according to calculations by Black Knight. The analytics company defines refinance candidates as 30-year mortgage holders with a maximum at least 20% equity in their homes and credit scores of 720 or higher, who could shave at least 0.75% off thei

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