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The number of borrowers who could benefit from a mortgage refinance just dropped dramatically thanks to fast-rising interest rates.
The average rate on the 30-year fixed loan has jumped more than 50 basis points since the start of this year, cutting the number of refinance candidates down to just 5.9 million, according to Black Knight, a mortgage technology and data provider. That is down from about 11 million at the start of this year and roughly 20 million in late 2020.
Black Knight defines refinance candidates as 30-year mortgage holders with a maximum 80% loan-to-value ratio and credit scores of 720 or higher, who could shave at least 0.75% off their…