Sometimes procrastination can cost you a lot of money.
Mortgage rates are nearly a full percentage point higher than they were at the start of this year. As a result, the number of borrowers who could have benefited from a refinance this year alone dropped by 56 percent, according to a new report from analytics firm Black Knight.
These borrowers missed out on average monthly savings of about $252.00.
With interest rates sitting near record lows a few years ago, millions of borrowers refinanced their home mortgages, saving billions of dollars in aggregate. But millions of borrowers didn't, and now they can't see those same savings.
Since 2016, when rates were at rock bottom, 5.9 million borrowers who could have benefited from a refinance did not apply for one. This year alone, 2.2 million who could have saved money with a refinance no longer can. The report only counted those who would likely have qualified, having high FICO scores and at least 20 percent equity in their homes.