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This is a significant decrease.
This year, we saw interest rates reach as high as over 7%.
How and when is this a financially savvy move?
GOBankingRates spoke with real estate experts to find out.
Review your current mortgage rate and terms to see if refinancing will save you cash.
Its also not free; you will need to pay closing costs along with other fees.
Doing so can save you thousands of dollars over the life of the loan.
And you might even be able to cut the length of your repayment by making a switch.
Nally said that ideally, you would want your mortgage interest rate to drop by at least 0.5%.
There are easy ways to find out.
Most mortgage lenders also handle refinances.
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