Current Mortgages

Should I refinance my mortgage if the current fixed rate is a full 1% less than my current fixed rate?

The current rate is 5.6% and my current mortgage is 6.6%. I have a mortgage 2 years ago.

Conventional wisdom says yes. The costs are reduced. If you can finance refinancing costs in it, how long does it take to pay that portion of based on the savings? If time is shorter than the time you plan to own your home it refined, if not then no.

Thursday 3PM 03/18/10 Today’s Current Mortgage Rate Alert News

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