All about mortgage rates
For example, if you pay $1200 right now, you would pay $1000 per month after the refinance, and refinancing would cost $2200 in taxes and fees, it will take you 11 months to break even. After that, you would start saving money. Do you plan to stay in your house long enough to garner noticeable savings from a refinanced mortgage? If your answer is no, then you should skip the trouble of refinancing and stay with your old mortgage. However, if your answer is yes, then right now is the perfect time to refinance. As you can see, deciding when to refinance is a simple matter of doing the numbers.