By Dawn Springer
Mortgage rates may be rising but there's still room to refinance your home loan. You might have heard much said about the constant rise of interest rates over the past year, with some blaming that for a recent dip in home sales. Yet mortgage rates remain near record lows, presenting an opportunity for homeowners to save on their monthly mortgage payment if they buy now.
As it stands, the average rate on a thirty-year fixed rate mortgage is 4.07%. Some expect it to move higher, potentially reaching 5% next year. It means that the clock is ticking for homeowners thinking about refinancing. However, it doesn't mean they should rush through the process, making costly mistakes along the way. There are a few different methods and tricks of the trade that can help you refinance your mortgage for greater savings.
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