With fixed rate mortgage averages hitting all-time lows, this is the perfect opportunity to refinance your home. As of the week of August 20th, the average 15-year fixed rate was 2.54% and the average 30-year fixed rate was 2.99%. The last time rates were anywhere close to this was in May of 2013, when the 15-year was 2.56% and the 30-year was 3.35%. When considering a refinance, it is important to consider the break-even time, which is the timeframe it would take for you to make up the amount of closing costs. For example, let’s assume your closing costs were $6,000 and you would be saving an additional $200 a month. It would take 30 months or 2.5 years to break even. So, it would not make sense to refinance if you plan to move within 2.5 years. However, everyone’s situation is different, and it should be discussed with a financial planner before any action is taken. https://www.insight2wealth.com