Is Now A Good Time To Refinance Your Mortgage?

Refinancing activity has surged as mortgage rates decline, with experts suggesting homeowners consider waiting for potentially better rates if the Federal Reserve cuts its benchmark lending rate. A two percentage point reduction in rates could lead to savings, but homeowners should weigh closing costs, which average around $5,000. Personal circumstances, such as how long one plans to stay in the home, are crucial in deciding whether to refinance. Those nearing the end of their mortgage term may find less benefit in refinancing.