Reported 2 months ago
As mortgage rates drop, many U.S. homeowners are considering refinancing their mortgages. Recent statistics show a 20% increase in refinance applications, with average rates for 30-year mortgages now at 6.4%. Experts suggest that a rate reduction of 1-2% makes refinancing worthwhile, but homeowners should also consider the loan term and assess if it's beneficial given potential fees. Exploring multiple lenders and looking for lower rates can maximize savings, especially for those with increased home equity or improved credit scores.
Source: YAHOO