A huge number of posts about home loan rates
* How much longer do you plan to own the house? Refinancing is a good idea if the break even point falls before the date on which you plan to sell the house, since you will save money. However, you will lose money if the break even point falls after the date when you plan to resell, so you should not refinance. Mortgage fees are nothing to laugh at, coming to at least $2,000 to $3,000 for an average refinance. Mortgage refinancing will not save you money, no matter how low your new interest rate is, if you lose more to refinancing fees than you gain from lowering your interest rate. These steps are effective whether you are trying to lower your monthly payments, or whether you want to pay less in total on your mortgage.