Millions of Americans haven't refinanced their home mortgages, even when rates were at historical lows, a study by the National Bureau of Economic Research showed.
According to the study, homeowners could have saved an average of about $45,000 over the life of the loan.
What deterred some homeowners from refinancing?
One reason could be the cost of refinancing. According to Realtor.org, that cost could be as much as a few thousand dollars depending on the value of the loan. Even though homeowners would have recovered the cost of refinancing through their lower payments, the upfront cost was still an issue for some.
According to Realtor.org, some homeowners also might have been concerned they wouldn't qualify to refinance.
Some homeowners also decided not to refinance because they didn't trust the lender that contacted them. According to Realtor.org, a study by Fannie Mae showed 22 percent of homeowners didn't refinance for that reason.