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Nearly 10 million borrowers could lower their mortgage rate by 0.75% by refinancing right now

Just three days ago, data from Black Knight showed that 8.2 million borrowers could save big on their mortgages thanks to the recent decline in mortgage interest rates, but rates have continued to fall all week. Now, the number of borrowers that could benefit from a refinance has jumped to nearly 10 million.

The latest mortgage interest rate data from Freddie Mac, which was released Thursday morning, shows that mortgage rates fell this week to a three-year low of 3.6%. Just one week ago, rates sat at 3.75%.

Wire Fraud and Title Insurance

Wire fraud is one of the fastest growing cybercrimes in the country. According to the Federal Trade Commission, consumers reported losing $1.48 billion to fraud in 2018; that’s an increase of 38% over 2017. Wire fraud is any event where an individual is tricked into sending money via wire transfer to a fraudster. Wire fraud includes imposter scams, debt collection schemes and identity theft.

FHA moves to limit cash-out refinances

In the last several years, an increasing number of borrowers with loans backed by the Federal Housing Administration have been refinancing their mortgages to extract cash – a trend some have called concerning and risky.

Now, the Department of Housing and Urban Development is taking steps to curb the prevalence of cash-out refinances, announcing Thursday that it’s lowering loan-to-value requirements on cash-outs from 85% to 80%.