Interesting tidbit from the Census Bureau’s 2009 American Housing Survey, via Calculated Risk.
Per the forthcoming report, 24.1 million first mortgages had associated interest rates above six percent.
Nearly 10 million more had interest rates above seven percent, with roughly two million of those above nine percent.
While the number of borrowers with mortgage rates below six percent is sure to rise this year, it still reveals how many borrowers could stand to benefit from a refinance at today’s rates.
But this explains why many have advocated for a blanket refinance of all Fannie and Freddie-backed loans to give borrowers some much needed breathing room.
More data from CalcRisk:
– 76.4 million owner occupied housing units in 2009.
– 24.2 million were owned free and clear (no mortgage). That is 31.7%.
– 26.8 million primary mortgages were originated in 2004 or earlier.
– 12.7 million primary mortgages were originated prior to 2000.