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As Interest Rates Plummet, Should You Refinance Right Now?

As mortgage interest rates continue to drop to record lows, many homeowners are wondering: Should they refinance their mortgage right now?

Timing a refi is always tricky, but the time may indeed seem ripe for one, since according to Freddie Mac’s most recent Primary Mortgage Market Survey released Aug. 22, the average 30-year fixed interest rates have fallen to 3.55%—the lowest rate in nearly three years.

“Now can be a great time to refinance for many Americans who currently have a mortgage rate above 3.5%,” Sam Khater, chief economist at Freddie Mac, told



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