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Local Address: $3 Billion in Refinancing Savings

  • November 3rd 2009

by Mark Wellborn

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Local Address: $3 Billion in Refinancing Savings: Figure 1

It is no secret that as interest rates creeped to their lowest point on record during the past year, homeowners started to refinance their mortgages in droves. However, what is staggering is the total savings that those folks will reap.

In her Local Address blog, the Washington Post’s Elizabeth Razzi points to data released earlier this week by Freddie Mac, which shows that people who refinanced between July and September “cut their interest rates by an average of 1.1 percentage points, and they stand to save $3 billion.” It is important to note that the $3 million savings came just during a three-month span.

The blog post also offers a couple of other nice nuggets of information, but none was more telling than this one:

“The median appreciation of the refinanced property was 0 percent during the third quarter. Zero. In the third quarter last year the median appreciation was 16 percent. And it was as high as 34 percent back in 2006.”

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/local_address_3_billion_in_refinancing_savings/1474.

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