Should I (can I) refinance my mortgage? SignOnSanDiego.com

24.09.11

Dan Fox and his wife, Mildred, have refinanced their mortgage not once, not twice or even three times, but four times since they bought their home in North Park three years ago. The financial decision was an obvious one because Dan Fox’s pay was cut and mortgage rates, now at all-time lows, kept tumbling.

For the past two years, U.S. mortgage rates have steadily dropped to the 3 percent range for a 15-year fixed loan and 4 percent range for a 30-year fixed, recent Freddie Mac figures show. Those rates could keep falling, in light of the Federal Reserve’s decision last week to reinvest in longer-term bonds to push down interest rates on mortgages and business loans.

Low rates have lured a small yet determined slice of qualified borrowers who want to reduce their monthly payments, save for the future, or in the case of the Foxes, both.

“Mortgage rates have dropped to a point where refinancing can make sense,” said Greg McBride, senior financial analyst

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