Is it time to refinance?

According to a recent analysis by Black Knight, approximately 5.9 million homeowners nationwide could reduce their mortgage payments by refinancing. Earlier in the year, 30-year fixed rates fell below 4 percent and now average around 3.94 percent.

Black Knight estimates that the savings to be about $271 per month for the average borrower.

Of course, the lower interest rates mean homes are currently a bit more affordable as the average monthly payment on a median-priced home – assuming a 20 percent down payment – has fallen nearly 6 percent in the last half year.

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