Refinanced mortgages saved the most money for Sussex County homeowners.
That was the finding of a report from Smart Asset, a financial information website.
The report applied the regional average pre-refinance interest rate and the regional average post-refinance rate to the total balance of refinanced loans in every U.S. county.
The report indicated that refinancings in Sussex County, saved an average of $2,900, with smaller savings in the other two counties, due to the lower average value of loans.
Total savings for financings were the highest in New Castle County at $9 million due to its larger population.
Activity has continued, despite a long period of low-interest rates that have resulted in more than one refinancing by many homeowners.
Rates remain at historically low levels, even with predictions of rising rates.
The Federal Reserve Board has been cautious about raising rates, due to what is viewed as a fragile economic recovery.
A more recent concern has been the “Brexit” vote that will result in the United Kingdom leaving the European Union.
To view the study and use a refinancing calculator click here.
SmartAsset is based in New York, NY.
