Is now a good time to refinance?
Rates are low right now, and have been lower than historic norms for some time. Whether it makes sense for you to refinance depends on the interest rate on your current mortgage and the interest rate on the one you expect to get.
Getting a lower interest rate is the most popular reason to refinance a mortgage. It simply means you are swapping a higher interest rate for a lower one, which can save you money on your monthly mortgage payments.
To see how different rates can change your monthly payment, check out this calculator.
To learn how other costs associated with a loan can affect the total interest rate, see this article on 4 Reasons to Refinance in Zillow’s Mortgage Learning Center.
Homeowners who are experiencing hardship right now could face difficulties refinancing. Talk to a mortgage lender to explore your options.