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What Is the Difference between the Rate of Interest You Are Paying Now and the Current Mortgage Interest Rates?

April 26, 2017difference interest rates mortgage paying rate

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What Is the Difference between the Rate of Interest You Are Paying Now and the Current Mortgage Interest Rates?

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A general guideline is to consider refinancing a mortgage when the current mortgage interest rates are at least two or more percentage points below what you are paying now. The following chart shows what you would pay by refinancing your mortgage at certain interest rates. Assume you started out with a 10 percent, 30-year fixed-rate mortgage for $120,000 with $1,053.09 monthly payment.