Now may be the time to refinance your home mortgage loan. Even if you are on a fixed rate, chances are that the current low mortgage rates will offer you substantial savings when you refinance. USA Today explains why now may be the perfect time to refinance your mortgage:
Some borrowers may be tempted to hold out in hopes that rates will fall even more. But that's risky, says Bob Walters, chief economist for Quicken Loans. Long-term mortgage rates are near historic lows, he notes, which means they're more likely to rise than fall.
This is especially true if you have an adjustable rate mortgage. The savings would be tremendous in such a case. At any rate, remember that what determines a mortgage interest rate goes far beyond the Fed rate, which are short-term rates, rather than longer-term rates that affect mortgages.
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