A recent article on Mainstreet.com makes the case for refinancing to today's historically low interest rates, even if you just refinanced within the last year:

Refinancing, even if you just did it six or nine months ago, certainly makes plenty of financial sense these days. Freddie Mac is out with a report stating that 49% of homeowners who refinanced their mortgages during the fourth quarter of 2011 reduced the principal balance on their mortgages – the highest percentage in 26 years.

The study also shows that the median interest rate reduction was 1.4%, a 26% savings on mortgage interest rates, and during the first year of the newly refinanced loan the average dollar savings totaled $2,700 on a $200,000 home loan.

“Savvy homeowners are taking advantage of some of the lowest fixed-rate [mortgages] in more than 60 years to lock in interest savings,” says Frank Nothaft, vice president and chief economist at Freddie Mac.

To enjoy the full article, click here.

If you have refinanced within the past year and are uncertain if refinancing again makes sense for you, contact us at dragasmortgage.com for a refinance analysis. With interest rates at the lowest level they have ever been, you may be able to not only save money each month by refinancing, but a substancial amount over the life of the loan.