Yahoo Finance
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If you're thinking ofrefinancing your mortgagebefore the end of 2026, you don't want to wait until the last minute.
There are calculations to be made, including your target interest rate and your break-even point.
Here's what you need to know before you hit "apply." We'll sum it up in a sentence: Mortgage rates have settled into the mid-6% range and are expected to remain there through next year.
While today's rates might not generate much excitement, they can translate into monthly savings for those who bought a house in late 2023 when 30-year fixed rates were pushing close to 8%.
For example, say you took out a $400,000 mortgage in October 2023.
If you refinanced today and paid closing costs up front, here's what your payments might look like.
On a 30-year fixed-rate mortgage, your principal and interest payment would drop from $2,301 to $2,008 — a $293 monthly savings.
On a 15-year fixed-rate mortgage, your principal and interest payment would drop from $2,882 to $2,664 — a $218 monthly savings.
Those savings are nothing to sneeze at, especially when you consider other financial goals.
Whether you stash that extra cash in a savings account, use it for an IRA contribution, or build up your emergency fund, you're coming out ahead.
Could mortgage rates drop before the end of 2026? It's not expected, though nobody predicted 3% mortgage rates and a pandemic either.
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