【Freddie Mac】Almost 50% of Black and Hispanic Borrowers Could Save $1,200 Annually by Refinancing (May 2021))

The recent record low mortgage interest rates provide many borrowers with an opportunity to save thousands of dollars by lowering their mortgage rate through refinancing. A recent Freddie Mac Research Note observed that, on average, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually and reduced their interest rate by a full percentage point.¹ But a closer look at who is refinancing demonstrates that many borrowers who could benefit from refinancing still aren’t pursuing the option.

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