If you’ve been waiting to refinance your mortgage or buy a new home, you may never see a lower mortgage interest rate than what we’re seeing today.
U.S. mortgage rates have fallen to new record lows, according to CNN/Money. Last week, rates on both the 30-year and 15-year fixed loans fell to new records, at 3.89% and 3.16%.
The vast majority of the mortgage applications – 82.2% – were to refinance existing loans rather than purchase new ones.
I’ve been wondering whether or not it makes sense for my wife and I to refinance our home. I used a home refinance calculator, which helped me compare our current mortgage balance and interest rate with a mortgage at today’s rate.
I discovered that if we refinanced today, we’d save about $1,000 over the remaining term of our loan (6 years). Now that I know, I’m not sure that’s really worth the cost of refinancing at this point for us.
What about you? Have you been thinking about refinancing your mortgage? Click to find out what your lowest mortgage payment could be.
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