Mortgage rates are at a two-year low. When should you refinance? [USA TODAY]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: USA TODAY
While the vast majority of Americans – 84.2%, according to an analysis from Redfin – have mortgage rates below 6%, that still leaves several million who could benefit now. Data from Chase Home Lending suggests roughly 4.7 million homeowners would come out favorably from refinancing if rates dropped below 6%. With the popular of about 6.08% in recent weeks, it's likely many homeowners are considering that step. Back-of-the-envelope calculations suggest that borrowers with a $375,000 mortgage who bought when rates were above 7% could now stand to save over $200 a month, said Bill Banfield, chief business officer of Rocket Companies. But homeowners should weigh that lower monthly cost against the fees associated with taking out a new loan. A good rule of thumb is to take advantage of a refinance when you know you'll be able to break even on the closing costs in roughly two to three years, Banfield said. So if you're thinking about moving in a year or two, it might not be worth it.
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