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Black Knight Expects Transition from Refis to HELOCs
Monday, January 11, 2016
Years into the refinance boom Black Knight Financial
Services estimates there are still millions of homeowners who could qualify for
and benefit from turning in their existing mortgages for a new model. The company, in its current Mortgage Monitor says that group
includes about 5.2 million homeowners and that 2.4 million of them could save
$200 or more per month through refinancing.
The pool is shrinking however as interest rates rise and
Black Knight estimates that a 50 basis point increase in rates would eliminate
2.1 million potential candidates from refinance eligibility, a 42 percent drop. A full point increase would take out an
additional 1 million borrowers.
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