The truth about refinancing your mortgage
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When Is It Worth It to Refinance Your Mortgage? | 2025
By: Erik J. MartinUpdated By: Ryan TronierReviewed By: Aleksandra Kadzielawski
January 9, 2025 - 14 min read
Is it worth it to refinance right now?
Yes, mortgage refinancing can be worth it right now if current rates allow you to save money both month-to-month and over the long term. Whether rates are rising or falling, even a small drop of 1%, 0.5%, or as little as 0.25% in your interest rate could make refinancing worthwhile, depending on your existing mortgage loan and financial goals.
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If you think you could get an even slightly lower rate, check to see if a refinance is worth it based on your new rate and savings.
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When is it worth it to refinance?
It’s generally worth it to refinance a mortgage if you can lower your costs in some way, whether by getting a lower interest rate, a shorter loan term, or a lower monthly payment.
“Determining whether the total costs to refinance make sense heavily depends on how long you plan to ke
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