Over 4 million American homeowners with Fannie Mae and Freddie Mac loans have taken advantage of historically low interest rates thanks to the refinancing flexibilities offered through the Making Homes Affordable program. Since the program started, homeowners with a Fannie or Freddie loan have median savings of over $500 per month, for a total of $7 billion in savings.
If you still have a mortgage that’s at 6 percent or higher, or if you have an adjustable rate mortgage, what are you waiting for? You’ll likely never see rates this low. It makes sense to refinance now. The only reason not to refinance would be if you’re planning to move in the next two years and can’t recoup the refinancing costs.