Home refinancing rates always fluctuate Among macro-economic factors that cause fluctuation in mortgage rates are prime rate, housing sales trend, and average mortgage rates Because of these changes, it is advisable to refinance your mortgage.

Refinancing is basically the act of replacing your existing home financing with a new one, typically at a better home refinancing rate. This will help you save so much money in interest payments over the period of the loan. Home refinancing is easy to obtain given if you have sufficient equity and a clean track record with regards to your credit payment.

Interest rates are as low as they have been for quite sometime now. So in the coming months there might well be a raise coming soon, it is sensible of you to examine whether they are still worth it.

The most basic thing you must do is examine your present loan or mortgage. It could be possible at that time you procured your home loan based on a fixed rate, the interest rates were still higher than it is at present. Most likely,you should consider a home refinancing if that’s your case.

Next thing, carefully examine the factors may affect the home refinancing rates you are being offered. Keep in mind that the posted rates offered by a lender are not the actual rate This is due to the fact that lenders will consider your credit score when determining the rates they are going to offer. Sometimes the lender adds “points” to your loan in exchange of getting the posted “lower rate”. Usually, a point in a lender’s fee is equivalent to a percent of the total amount that was borrowed Before signing up for any offer, carefully examine whether there are any points being taken from your loan.
Lastly, try to scout around first for low interest rates. Having more choices is always better. At least a minimum of 5 offers from different lenders must be considered before sealing the deal in any of them. This creates better leverage in getting a good deal.

It is advisable to wait it out a bit if the current home refinancing rates have increased at this moment.