The typical rule of thumb is that, if you can reduce your current interest rate by 1% or more, it might make sense to refinance because of the.
Refinancing a mortgage means paying off an existing loan and replacing it with a Historically, the rule of thumb is that refinancing is a good idea if you can.
Lowering the interest rate on a mortgage is the primary reason most homeowners refinance their home loan. Back in the day, the rule of thumb.
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.
So how much should mortgage rates fall before you consider refinancing? The traditional rule of thumb says refinance if your rate is one to two.