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  • Kiplinger

    Now Is a Good Time to Refinance

    by Pat Mertz Esswein, Associate Editor, Kiplinger's Personal Finance Aug 01, 2019 4 minutes

    Mortgage rates have dropped to levels not seen since 2016, and homeowners are rushing to refinance. You can benefit even if you don't cut your rate by a full percentage point--a rule of thumb you can safely ignore. The question is whether you will stay in your home long enough to recoup the closing costs with savings on your monthly payments. For a quick answer, run the numbers using the refi break-even calculator at Bankrate.com.

    Borrowers who closed on their loans in 2018 are leading the charge, according to Black Knight, a mortgage data, analytics and software provider. Say you got a $300,000 mortgage with a 30-year fixed rate of 4.5% last fall. If you

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