The number of homeowners who would benefit from refinancing their mortgage has swelled since the beginning of the year, according to Black Knight Financial Services.
About 6.7 million borrowers would benefit from a refi,
The number of refi candidates has risen as interest rates dropped 30 basis points during the first six weeks of this year. If rates drop another 15 basis points, the number of borrowers who would benefit from a refi would increase to 8.8 million.
"When Black Knight last looked at the refinanceable population just two months ago, there were 5.2 million potential candidates, and that number was on the decline," Ben Graboske, senior vice president of data and analytics, said in a news release.
"That analysis was shortly after the Federal Reserve raised its target rate by 25 basis points," Graboske said. At the time, prevailing wisdom held that mortgage interest rates would also rise. But global economic conditions led mortgage rates to fall.
