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84 Percent Who Refinanced Reduced Mortgage Debt

by UrbanTurf Staff

84 Percent Who Refinanced Reduced Mortgage Debt: Figure 1

A report out Monday from Freddie Mac revealed that 84 percent of homeowners who refinanced in the fourth quarter of 2012 either “maintained about the same loan amount or lowered their principal balance by paying-in additional money at the closing table.”

Perhaps more interestingly was the average interest rate reduction for those that refinanced. From Frank Nothaft, Freddie Mac vice president and chief economist:

“On average, borrowers who refinanced reduced their interest rate by about 1.8 percentage points. On a $200,000 loan, that translates into saving about $3,600 in interest during the next 12 months.”

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This article originally published at https://dc.urbanturf.com/articles/blog/84_percent_who_refinanced_reduced_mortgage_debt/6611

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