What Are Homeowners Doing With Refinance Savings?
Refinancing homeowners dropped their interest rate an average 1.8 points last quarter, according to numbers released this week by Freddie Mac, paying about $3,600 a year less for a mortgage of $200,000. While prudent borrowers will use that extra cash to pay down debt, many are either forgoing the savings to shorten the term of the loan, or are spending it.
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