Mortgage rates are increasing again. They just hit the highest rate since May 2019 at 3.92%. With a rate that high, almost 4 million qualified homeowners could reduce their mortgage rate by 0.75 percentage points. Should homeowners refinance their mortgage right now? We're about to tell you! Why Should Homeowners Refinance? Refinancing a mortgage with a lower rate will save homeowners money since...
Mortgage rates have dropped to historic lows in the past year, causing many to refinance their mortgage. Refinancing your mortgage can help you save money. One report estimated the average savings to be $300 per month after refinancing. But there are some upfront costs you should know about before refinancing your mortgage. The First Cost of Refinancing: Closing Costs Closing costs are 2-5% of the...