|Refinance today before rates go up!|
With current 30 year rates hovering near 4% and 15 year at 3.5%, there can be substantial savings associated with refinancing.
But what about the cost associated with refinancing?
Does a homeowner REALLY need to save 1% on their mortgage to justify doing a refinance?
Why is 1% savings the "magic" number?
There are two ways to look at doing a refinance; 1) the rule of thumb 1% savings in interest rate, and 2) ZERO closing cost refinance-PURE savings because all you are doing is lowering your interest rate.