Mortgage rates: Few left who can benefit from refinancing

The proportion of highly qualified homeowners who might gain from refinancing fell to its lowest point in more than 20 years.

This is less than the predicted 20 million in 2020 and the 11 million at the beginning of 2022.

Additionally, it is the smallest candidate pool since Black Knight started monitoring the data, which was at least 2000.

According to Joel Kan, associate vice president of industry forecasting at the Mortgage Bankers Association, "on the refi side, everything is essentially rate driven.

People refinance because they can reduce their monthly payments and get a better rate. There isn't much left now that rates have increased.

The 30-year fixed mortgage rate, one of the most popular house loans, increased by the most in a single week in 35 years last week, reaching its highest point since 2008.

Since the beginning of the year, rates have increased by more than two and a half points.

Black Knight estimates that 95 percent of homeowners who have mortgages have rates of 5.75 percent or less, as opposed to the average rate of 5.78 percent.

At the current rates, the few borrowers who could profit from refinancing could save $309 per month on average.

More than half of all candidates, according to Black Knight, are saving between $100 and $300 each month.