3 reasons to refinance your mortgage immediately

If you own a home and saving money is your goal, it may be time to consider a mortgage refinance to both lower your monthly payments and cut the life of the loan. Borrowers can currently benefit from the lower rates that have come about as a result of the coronavirus pandemic but today's low mortgage rates won't last forever..

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1. Interest rates are at record lows

First, it would be irresponsible to talk about refinancing without mentioning the current mortgage refinance rates. Interest rates have been largely moving in a downward trend for the better part of 2020 since the start of the pandemic and they have now reached historic lows. As of publication, Freddie Mac holds the average rate on the following:


30-year fixed-rate refinance: 3.00%


15-year fixed-rate refinance: 2.50%.

If the rate on your current mortgage is more than half a point higher than the interest rates listed, it's probably a good idea to consider a mortgage refi. Remember different mortgage lenders may offer you different rates.

When you're considering the process of refinancing your mortgage, it's important to shop around. You can visit an online marketplace like Credible to get a sense of your refinancing options. You can also use Credible to get connected with an experienced loan officer who can answer any questions that you may have about the process.

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