What you need to know about mortgage refinancing


Refinancing can be financially beneficial, but there are some things homeowners should know before contacting their lenders. Valley News / Courtesy photo

TEMECULA – Historically low interest rates now make a good time to own a home. According to the Federal Home Loan Mortgage Corporation, also known as Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage in mid-September 2021 was 2.86. Just 10 years earlier, the average rate was 4.09. This is a significant drop that is saving homeowners today tens of thousands of dollars over the life of their mortgage. Interest rates fell during the pandemic and have remained low since. This is unlikely to last forever, which has given many homeowners a sense of urgency regarding refinancing. Refinancing can be financially beneficial, but there are some things homeowners should know before contacting their lenders. Refinancing doesn’t always save


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