Four in Five Recent Home Buyers May Look to Refinance in the Next 12 Months to Help Alleviate Strain on Personal Finances
A new TransUnion survey reveals that 80% of recent home buyers may consider refinancing their mortgages in the next 12 months as interest rates begin to fall. The survey, conducted in September 2024, found that most consumers feel their existing auto and new mortgage payments are straining their household finances. 70% of recent home buyers cited more favorable loan terms as a key refinancing driver, while 67% mentioned better interest rates. For auto loans, 65% of respondents agreed their payments strain their finances, with 63% likely to refinance if it could reduce monthly payments. Credit unions dominate the refinance market with a 67% share in 2023.
Un nuovo sondaggio di TransUnion rivela che l'80% degli acquirenti di case recenti potrebbe prendere in considerazione il rifinanziamento dei propri mutui nei prossimi 12 mesi, poiché i tassi di interesse iniziano a scendere. Il sondaggio, condotto a settembre 2024, ha scoperto che la maggior parte dei consumatori sente che i pagamenti attuali per l'auto e i nuovi mutui stanno mettendo a dura prova le finanze del loro nucleo familiare. Il 70% degli acquirenti di case recenti ha citato condizioni di prestito più favorevoli come un fattore chiave per il rifinanziamento, mentre il 67% ha menzionato tassi di interesse migliori. Per i prestiti auto, il 65% degli intervistati ha concordato sul fatto che i loro pagamenti stanno gravando sulle loro finanze, con il 63% propensi a rifinanziare se questo potesse ridurre i pagamenti mensili. Le cooperative di credito dominano il mercato del rifinanziamento con una quota del 67% nel 2023.
Una nueva encuesta de TransUnion revela que el 80% de los compradores de vivienda recientes podría considerar refinanciar sus hipotecas en los próximos 12 meses a medida que comienzan a bajar las tasas de interés. La encuesta, realizada en septiembre de 2024, encontró que la mayoría de los consumidores siente que sus pagos actuales de auto y de nuevas hipotecas están presionando sus finanzas familiares. El 70% de los compradores de vivienda recientes citó condiciones de préstamo más favorables como un motor clave para el refinanciamiento, mientras que el 67% mencionó mejores tasas de interés. Para los préstamos de auto, el 65% de los encuestados coincidió en que sus pagos presionan sus finanzas, con el 63% propensos a refinanciar si esto pudiera reducir los pagos mensuales. Las cooperativas de crédito dominan el mercado de refinanciamiento con una cuota del 67% en 2023.
새로운 TransUnion 설문조사에 따르면 최근 주택 구매자의 80%가 금리가 하락하기 시작하면서 향후 12개월 내에 대출을 재융자하는 것을 고려할 수 있다고 합니다. 2024년 9월에 실시된 이 설문조사는 대부분의 소비자가 기존의 자동차 및 신규 모기지 지불이 가계 재정에 부담을 주고 있다고 느끼고 있음을 발견했습니다. 70%의 최근 주택 구매자가 재융자의 주요 요인으로 더 유리한 대출 조건을 언급했으며, 67%는 더 나은 이자율을 언급했습니다. 자동차 대출의 경우, 65%의 응답자가 지불이 재정에 부담이 된다고 응답했으며, 63%는 월별 지불을 줄일 수 있다면 재융자할 가능성이 있다고 하였습니다. 2023년에는 신용 조합이 67%의 점유율로 재융자 시장을 차지하고 있습니다.
Un nouveau sondage de TransUnion révèle que 80% des récents acheteurs de maisons envisagent de refinancer leurs hypothèques dans les 12 prochains mois alors que les taux d'intérêt commencent à baisser. Le sondage, réalisé en septembre 2024, a révélé que la plupart des consommateurs estiment que leurs paiements actuels de voiture et leurs nouveaux paiements hypothécaires mettent à rude épreuve leurs finances domestiques. 70% des récents acheteurs de maisons ont cité des conditions de prêt plus favorables comme un moteur clé pour le refinancement, tandis que 67% ont mentionné de meilleurs taux d'intérêt. Pour les prêts automobiles, 65% des répondants ont convenu que leurs paiements pèsent sur leurs finances, 63% étant susceptibles de refinancer si cela pouvait réduire les paiements mensuels. Les coopératives de crédit dominent le marché du refinancement avec une part de 67% en 2023.
Eine neue Umfrage von TransUnion zeigt, dass 80% der aktuellen Hauskäufer in den nächsten 12 Monaten eine Refinanzierung ihrer Hypotheken in Betracht ziehen könnten, da die Zinssätze zu sinken beginnen. Die Umfrage, die im September 2024 durchgeführt wurde, ergab, dass die meisten Verbraucher das Gefühl haben, dass ihre bestehenden Auto- und Neuhypothekenzahlungen ihre Haushaltsfinanzen belasten. 70% der neuesten Hauskäufer nannten günstigere Kreditkonditionen als einen wichtigen Anreiz für das Refinanzieren, während 67% bessere Zinssätze erwähnten. Bei Autokrediten stimmten 65% der Befragten zu, dass ihre Zahlungen ihre Finanzen belasten, wobei 63% wahrscheinlich refinanzieren würden, wenn dies die monatlichen Zahlungen senken könnte. Kreditgenossenschaften dominieren den Refinanzierungsmarkt mit einem Marktanteil von 67% im Jahr 2023.
- Strong refinancing potential with 80% of recent home buyers likely to refinance
- Credit unions hold dominant 67% market share in refinancing
- 52% of auto loan holders would refinance for $50-$149 monthly savings
- 80.1% of recent home buyers report mortgage payments straining finances
- 65% of auto loan holders report payment strain on household finances
Insights
The survey reveals significant refinancing potential in both mortgage and auto loan markets, with 80% of recent home buyers and 63% of auto loan holders likely to refinance in the next 12 months. This presents a substantial business opportunity for TransUnion's credit reporting and analytics services. Credit unions' dominant 67% market share in refinancing indicates strong competitive positioning in this space.
The data suggests a large-scale refinancing wave could emerge as interest rates decline, potentially driving increased revenue for TransUnion through credit checks and analytics services. The company's TruIQ and TruVision products are well-positioned to capitalize on lenders' need for refined customer targeting and risk assessment during this anticipated surge.
New TransUnion survey shows refinancing may offer relief for both home and auto owners as rates begin to fall
CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) -- A new TransUnion (NYSE: TRU) survey found that many consumers feel their existing auto and new mortgage payments are putting a strain on their household finances, and the prospect of falling interest rates has them ready to consider refinancing those loans.
The surveys of current auto loan customers and those consumers who have taken out a mortgage in the last 24 months were conducted between September 18 and September 27, 2024. They resulted in responses from 1,002 and 1,025 auto and mortgage loan customers, respectively.
“We surveyed this specific group of recent borrowers to better understand the drivers of refinance for both mortgages and auto loans,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Millions of people financed homes and autos during this period of high interest rates, and many will look to refinance as interest rates decline.”
TransUnion’s survey found four in five recent home buyers say their mortgage payments are straining their finances and are looking to refinance their mortgage payments in the next 12 months.
Many Recent Home Buyers Say Their Current Mortgage Payment is a Strain on Their Personal Finances
| Opinions/Generation | All Consumers | Gen Z | Millennials | Gen X | Baby Boomers |
| Strongly Agree or Agree | |||||
| Neither Agree nor Disagree | |||||
| Disagree or Strongly Disagree |
Percent of Recent Home Buyers Who Anticipate Refinancing Their Mortgage in the Next Twelve Months if Rates Fall
| Opinions/Generation | All Consumers | Gen Z | Millennials | Gen X | Baby Boomers |
| Very Likely or Likely | |||||
| Neither Likely nor Unlikely | |||||
| Unlikely or Very Unlikely |
Source: TransUnion U.S. consumer survey
When asked the biggest factor that would ultimately drive them to pull the trigger on a refinancing decision,
“For many of these recent home buyers, their mortgage payment is their largest single payment each month,” said Satyan Merchant, senior vice president and mortgage and auto business leader for TransUnion. “The upside is that it is a payment that can be refinanced if the economic climate allows for it, and as interest rates begin to fall, this group of consumers should begin exploring this option. Conversely, lenders should be actively marketing to these refinance candidates, regardless of what their primary motivation to refinance may be.”
Similar Consumer Sentiments Found When Asked About Auto Loans
The survey also examined consumer sentiment towards their existing auto loans, payments and interest rates along with future plans regarding refinancing. Results indicated that there was a similar eagerness to refinance when interest rates eventually fall, and a similar response among consumers when asked if they feel that their current auto loan payments represent a strain on their household finances.
When asked the extent to which they agree that their current auto loan payment represented a strain on their personal finances,
The research also explored the sentiment of consumers who have already refinanced despite the relatively high interest rates. Many of these borrowers derived lower payments through longer terms.
From this standpoint, TransUnion data shows that credit unions continue to lead the way with
“Credit unions may be able to offer their members rates and service that larger more traditional banks cannot,” said Sean Flynn, senior director of community financial institutions at TransUnion. “Credit unions should lean into this fact and leverage available tools such as trended data and advanced analytics to seek out those consumers who may be able to refinance.”
To learn more about how TruIQ™ by TransUnion helps lenders make better, data-driven decisions faster with advanced analytics consulting services and enabling technologies, click here. To learn how TruVision™ allows lenders to use trended data to more precisely balance risk and opportunity with risk management products that identify and manage best-fit customers across the account lifecycle, click here.
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About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
| Contact | Dave Blumberg |
| TransUnion | |
| david.blumberg@transunion.com | |
| Telephone | 312-972-6646 |
FAQ
What percentage of recent home buyers plan to refinance their mortgages according to TransUnion (TRU)?
How many auto loan holders report financial strain in TransUnion's 2024 survey?
What is the market share of credit unions in refinancing according to TransUnion's 2023 data?
