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Is now a good time for mortgage refinancing since interest rates are low?

April 26, 2017good interest rates low mortgage refinancing time

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Is now a good time for mortgage refinancing since interest rates are low?

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A good rule of thumb is that anytime current market interest rates are % to 5/8% lower than the interest rates on your mortgage, refinancing is a good idea. With interest rates low, you can lock in a low fixed rate for the life of your mortgage to avoid fluctuations and keep your monthly payments consistent. If you think interest rates are on the rise, locking in a low fixed rate is especially important.