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Mortgage rates are still at near-record lows, with 30-year fixed-rate loans averaging 4.09% (with an average 0.7 point) for the week ending Sept. 22, 2011, while 5/1 ARMs averaged 3.02% with an average 0.6 point, according to Freddie Mac. And many American homeowners are hoping to take advantage of those rates by applying to refinance their mortgages. In fact, the vast majority of recent mortgage applications have been applications to refinance: 78% for the week ending Sept. 16, 2011, according to the Mortgage Bankers Association.

That’s why it may come as a surprise that many homeowners are still not taking advantage of those savings opportunities. And we’re not talking about those who do not qualify to refinance (the 23% of homeowners with a mortgage who owe more to the bank than their properties are worth, for example). Credit Sesame recently analyzed data from its user base and found out that, on average, homeowners who would qualify for a refinance based on their credit profiles, income and the equity in their homes, are foregoing thousands of dollars in savings over a 10-year period: from an average of $38,387 in Nevada to an average of $97,170 in New Jersey.

(Click on the infographic below to interact.)

Via Column Five for Credit Sesame

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