Should You Refinance Your Mortgage Yet Again? Here's How to Decide

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

Mortgage rates have reversed course, and refinancing activity is on the rise. That means homeowners who participated in the great refi boom of 2020 are faced with a fresh decision: Should you refi again?

At mortgage lender Lower, that’s a common question from borrowers, says Chelsea Wagner, a regional vice president. In about half of cases, the answer is yes, a second refi could be a savvy move.

“It comes down to: Does it make sense?” Wagner says. “When rates dropped in 2020, everyone went rushing to refinance. It really depends on when you closed.

As the coronavirus pandemic unfolded, rates plunged to record low after record low. So if you refinanced in May 2020, your rate might be 3.5 percent. If you waited until late 2020 or early 2021, your rate could be less than 3 percent.

To learn more about should you refinance your mortgage yet again and the home buying process, visit the SCOOP! Blog

Comments (3)

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

the rates certainly aren't down enough from 2020 to justify refinancing.  Frankly if you aren't moving by 2 points you aren't going to save money from the cost of the re-fi.

Jul 31, 2021 09:07 PM
Jackie A. Graves

Hi Tammy, thank you for your comment. Stay posted for future blogs and make it a great day. 🙂

Aug 01, 2021 02:43 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Aug 01, 2021 12:32 AM
Jackie A. Graves

Hi Richard, thank you for your comment. Stay posted for future blogs and make it a great day. 🙂

Aug 01, 2021 02:44 PM
Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

A decision for sure.  Bill 

Aug 01, 2021 06:13 AM
Jackie A. Graves

Hi Bill, thank you for your comment. Stay posted for future blogs and make it a great day. 

Aug 01, 2021 02:45 PM