Is now a good time to refinance?

Now may be a good time to explore refinancing as interest rates have fallen more than a full percentage point since last fall. For example, the rate on a 30-year, fixed-rate mortgage most recently averaged 3.78%, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago, the rate was 4.83%.

Is it worth refinancing for .5 percent?

Your new interest rate should be at least . 5 percentage points lower than your current rate. The old rule of thumb was that you should refinance if you could get a rate that was 1 to 2 points lower than your current one.

Reasons Not to Refinance Your Mortgage

• You’re Not Planning on Staying Put. One of the most important details you need to pay
• attention to when you’re planning to refinance is the break-even point. …
• Your Credit’s Not That Great. …
• You Can’t Afford the Closing Costs. …
• The Long-Term Costs Outweigh Your Savings. …
• You Want to Tap Into Your Home’s Equity.

Can I refinance my mortgage with no closing costs?

The good news: You can score a no-closing cost refinance. With a no-closing cost refinance, you won’t have to pay thousands in upfront closing costs for things such as appraisal, underwriting and processing fees — the mortgage company will waive them.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.