Redfin's Lorraine Woellert reports that homeowners could potentially save hundreds of dollars a month by refinancing their homes, which 6.7 million homeowners are currently eligible to do, according to data from mortgage technology company Black Knight Financial.

Of that 6.7 million, approximately 3.3 million homeowners could save at least $200 per month, and nearly a million borrowers could save $400 a month, or $4,800 per year.

All told, the potential savings to homeowners is about $1.67 billion a month, or more than $20 billion a year. If everyone took advantage of low rates, think of the boost it would give to the economy and housing market.

Read more >