Interest rates are at all-time lows, and continue to stay at money saving levels. Many homeowners across the country have refinanced their home mortgages more than once, saving as much money as possible.
It is more common for a homeowner to refinance if their current rate can drop a full percentage point, but with interest rates as low people are refinancing to a rate a half of a percentage point below their current rate.
A number of homeowners are saving as much as $200 on their monthly payment and are then paying more toward principle with the money saved in an effort pay down their mortgage sooner.
Greg McBride, senior financial analyst at Bankrate.com, says “it makes all the sense in the world” to refinance right now. There’s money to be saved.