I get asked this question often. With interests rates at historic lows, should you refinance your home? While I am not a mortgage broker, I can state that applications for mortgage refinancing hit a 15-month high last week. Mortgage Bankers Association credits this to the low interest rates available in the market place. Someone who bought a house two years ago could save shave two percentage points off their rate by refinancing. On a $200,000 mortgage, a home owner with a 6.5% loan pays $1,264 a month. At a 4.5% refinance rate, they would pay $1,013, saving $251 per month.
Cited Article: http://money.cnn.com/2010/08/18/news/economy/mortgage_rate_refinance/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29&utm_content=Google+Reader