The 30-year fixed-rate mortgage fell to 6.29%, the lowest since Feb. 2, 2023, presenting potential savings through refinancing.
A decrease of one percentage point in mortgage rates can save a considerable amount monthly, influencing the decision to refinance.
Financial advisors differ on the rate reduction needed to justify refinancing, suggesting varying thresholds from 0.5% to 2%.
Refinancing a mortgage entails multiple considerations beyond the interest rate, indicating a need for a comprehensive evaluation of the decision.
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