Mortgage rates, the basics
Do not forget to tally any early pay off penalty fees. Lastly, determine how long you intend to keep the property. Say the new rates are at 5 percent and your current mortgage is 7. 5 percent, you could save thousands of dollars over the next 7 years you plan to own that property. If the fees to refinance will only cost $1000, for example, it would be worth it.