by Li-Ning Huang Senior Manager, Business Strategy, Economic & Strategic Research
Mortgage interest rates declined steadily from 2009 through 2012 creating an unprecedented opportunity for mortgage borrowers to lower their monthly mortgage payments by refinancing their loans to a lower mortgage rate. Despite potentially significant savings, many eligible mortgage borrowers have not refinanced.
According to the Fannie Mae National Housing Survey, approximately 40 to 50 percent of mortgage borrowers say that they have not refinanced the mortgage on their current home. ...Read more »