What Homeowners Need to Know Before Refinancing

With mortgage rates low, now may be the time to refinance the home you love.

(StatePoint) With mortgage rates hovering near three percent, experts say there are still a number of homeowners who could benefit from refinancing. In fact, borrowers who refinanced in 2020 to lower their mortgage rate saved over $2,800 in mortgage payments annually, according to the latest Freddie Mac research.

“While today’s low mortgage rates have fueled a refinance boom, it’s been driven mainly by higher-income borrowers. With millions of borrowers eligible to refinance, lower- and middle-income borrowers who could stand to benefit the most from refinancing might be leaving money on the table,” says Sam Khater, Freddie Mac’s chief economist.

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