The Black Knight Financial Services Inc. reports that approximately 6.5 million homeowners could qualify and benefit from a traditional refinancing or the HARP program. Of these, nearly 3 million current borrowers could save at least $200 per month and 500,000 would see savings of $500 or more on a monthly basis.
On an aggregate basis this come comes to $1.66 billion that American homeowners could be saving every month or nearly $20 billion per year.
Of course, refinancing is extremely rate sensitive. If rates were to rise even half a percentage point then 2.6 million borrowers would no longer benefit from refinancing.