But many homeowners might be unaware that mortgage rates have declined so dramatically that they could save money by refinancing. One rule of thumb says to consider refinancing if you can cut the.
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· To make refinancing your mortgage worth your while, there is a very specific rule of thumb that you need to follow. If you can’t lower your interest rate by at least this perfect number, you should plan to stay with your current monthly payment as it doesn’t make sense to refinance.
One rule of thumb is that refinancing can be worth it if there’s a difference of at least one percentage point between your current mortgage rate and the new rate you can get. As an example, the national average interest rate for a 30-year fixed-rate mortgage was recently 4.2% (up from 3.66% a year earlier).
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Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a good idea or not.
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There used to be a rule of thumb that said to refinance only when you could shave at least 1% off your interest rate. But with today’s ultralow interest rates, that rule has gone the way of the VCR.
Refinancing: 2% rule of thumb. On large loans, that could be a rate drop of .50%. Usually the break even point on costs is a drop in monthly payment of about $125. If your payment is dropping $150 a month, you are probably breaking even in 24 months or less. Today is Nov 25 and rates dropped dramatically today.