The article looks at refinancing to a shorter-term mortgage loan with lower interest rates. Topics discussed include the qualifications for refinancing, an online calculator that helps homeowners look at numbers fo...
Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average r...
Today’s mortgage refinance rates also fell for shorter terms, while holding steady for 30- and 20-year repayment terms. Homeowners who lock in one of today’s low mortgage refinance rates could significantly reduce their interest costs over the life of their loan, while paying off their mortg...
If interest rates fall, that could create opportunities for some homeowners who have high mortgage rates.
What this means:Mortgage interest rates have been steadily increasing for nine consecutive days, reaching pre-pandemic levels. However, homeowners with good credit and older mortgages may be able to find a lower interest rate by refinancing to a shorter term. Borrowers who find a good rate should...
While this can lower your monthly mortgage payment, it also means you’ll be paying more in mortgage interest over the life of the loan. Consider your long-term financial goals and whether extending your repayment term aligns with those objectives. Potential for higher interest rates While many ...
It’s generally worth it to refinance a mortgage if you can lower your costs in some way, whether by getting a lower interest rate, a shorter loan term, or a lower monthly payment. “Determining whether the total costs to refinance make sense heavily depends on how long you plan to keep...
Discover the benefits of a mortgage refinance, from lowering interest rates to consolidating debt, refinancing can help your financial goals.
When your goal is to pay less every month, you can refinance into a loan with a lower interest rate. Arate and term refinanceis a good fit for this goal. Pay off the loan faster When you refinance to a shorter term, such as from a 30-year mortgage into a 15-year loan, you pay...
If you’re considering a mortgage refinance, our detailed step-by-step guide explains the process to help you make the best choice for your financial situation.