CBS News
Should you refinance your mortgage now that rates are falling? What experts say
Over the last couple of years, sky-high mortgage rates have made mortgage loan refinancing less appealing for homeowners. Those who got low mortgage rates during the pandemic saw no reason to refinance. Meanwhile, those with higher rates often found closing costs would eat up potential savings.
But the tide may be turning — and it could affect your mortgage decisions. While interest rates are still high compared to historical averages, they’ve recently dropped to a 15-month low. If you secured a loan in the last 18 months, you might wonder: “Is it time to refinance? Could I save money by acting now? Or should I see if rates drop further?”
To help you make an informed choice, we spoke with seasoned mortgage loan consultants. They shared their perspectives on when to refinance, when to hold off and what considerations you should weigh.
Find out the top mortgage loan rates you could qualify for here.
Should you refinance your mortgage now that rates are falling?
The answer to that question is: It depends. Factors such as your current financial situation, the rate you initially secured and how long you’ve had your mortgage determine whether refinancing is the right move.
When refinancing could make sense
Refinancing is typically wise when it leads to significant savings over time. Josh Green, loan originator at Barrett Financial Group, suggests that a rate drop of 0.75% to 1% often justifies refinancing. This reduction typically covers the closing costs and associated expenses, allowing you to start saving money sooner.
Green points out the importance of looking at the breakeven point — which is the time it takes for your savings to outweigh the refinancing costs.
“In my opinion, you should aim to lower your monthly payment enough to cover those costs within 24 months or less,” Green says.
Rhonda Hummel, mortgage consultant at Prosperity Home Mortgage, adds that other factors can make refinancing attractive.
“Home values have increased, lowering the loan-to-value (LTV) for some borrowers, which could lead to a better rate,” Hummel says.
For example, if your home’s value increased from $300,000 to $350,000 while you still owe $270,000, your LTV would drop from 90% to around 77% — potentially qualifying you for a better rate.
Your credit score can also impact your decision. If it has improved since your original mortgage, you might qualify for more favorable terms. Even a small boost in your score could translate to big savings over your loan’s lifetime.
Start comparing your mortgage loan options and find the right options now.
When it may be better to refinance later
Even when the numbers are favorable at first glance, refinancing isn’t always the best long-term strategy. Hummel shares an example that illustrates this complexity: “If you had a $1,000,000 loan at 7.50% and today’s rate is 7.00%, with closing costs of $4,500 for a ‘No Point’ refinance, you’d save $338 monthly. The breakeven point would be eight months.”
While this scenario meets the typical criteria for a beneficial refinance, “you could end up paying multiple fees on several refinances if rates continue to fall,” Hummel says. This highlights a key consideration: Refinancing too frequently can erode potential savings through repeated closing costs.
You also want to look at the size of your mortgage loan.
“The benefits of refinancing are influenced by the loan size as many costs to refinance are static,” says Dean Rathbun, loan officer at United American Mortgage Corporation.
For mortgages under $250,000, the standard 1% rate reduction often doesn’t generate enough savings to justify the costs. In these cases, waiting for a larger rate drop or exploring other financial strategies might be more prudent than rushing into a mortgage refi.
Factors to consider before refinancing
Before you commit to refinancing, our experts suggest thinking about these key factors:
- Length of stay: How long you plan to remain in your home affects the potential savings from refinancing.
- Loan term: Shortening your mortgage loan term can help you save on interest, while extending it may lower payments but increase the total interest paid.
- Future life changes: Consider upcoming events like retirement that could impact your future income and qualifying ability.
- Market timing: Weigh the risks of waiting for potentially lower rates against current savings opportunities.
The bottom line
Though no one has a crystal ball for a mortgage interest rate forecast, Green believes we’re in the early stages of a rate-dropping cycle. “If the Federal Reserve goes through with a rate cut, mortgage interest rates could continue to drop for the next 12 months or even longer,” he says. But waiting comes with risks. If you bought at peak rates and have a sizable loan, refinancing now could start saving you money. Holding out might lead to better rates later — but future market conditions are uncertain.
Your best mortgage move? Talk to several lenders. Know and discuss your options, get personalized rate quotes and be prepared to act quickly when the conditions are right. The ideal time to refinance is when it makes sense for your unique situation — not when rates hit a certain number.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
CBS News
How to watch the Tampa Bay Buccaneers vs. New York Giants NFL game today: Livestream options, more
MetLife Stadium in New Jersey is set to host a game between the Tampa Bay Buccaneers and the New York Giants today. Both teams have lost more games than they’ve won so far this season. The Buccaneers enter the game looking to end a four-game losing streak. Overall, they’re just 4-6 while the Giants are 2-8, having lost five consecutive games.
Keep reading to find out how and when to watch the Tampa Bay Buccaneers vs. New York Giants game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the Tampa Bay Buccaneers vs. New York Giants game today
The Tampa Bay Buccaneers vs. New York Giants game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The NFL game will be televised on CBS. It can also be streamed on Paramount+ and the platforms noted below.
How and when to watch the Tampa Bay Buccaneers vs. New York Giants game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the big game. Just note that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Then you can simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Buccaneers-Giants game on Amazon Prime Video.
Fubo: Watch the Buccaneers-Giants game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
CBS News
How to watch the Kansas City Chiefs vs. Carolina Panthers NFL game today: Livestream options, more
It will be the Kansas City Chiefs up against the Carolina Panthers in an NFL game today set for the Bank of America Stadium in Charlotte, North Carolina. Attention will be focused on the Chiefs, who are coming off their first loss this season, a 30-21 loss to the Buffalo Bills on November 17. That loss snapped a nine-game winning streak. The Panthers, meanwhile, are just 3-7 so far in the season but are coming off of wins against the New Orleans Saints and New York Giants, respectively.
Keep reading to find out how and when to watch the Kansas City Chiefs vs. Carolina Panthers game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the Kansas City Chiefs vs. Carolina Panthers game today
The Kansas City Chiefs-Carolina Panthers game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The NFL game will be televised on CBS. It can also be watched via streaming on Paramount+ and the platforms noted below.
How and when to watch the Kansas City Chiefs vs. Carolina Panthers game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options to explore as well (just note that the below streaming options will require the use of an internet provider).
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to explore. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Then you can simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Buccaneers-Giants game on Amazon Prime Video.
Fubo: Watch the Chiefs-Panthers game for free
Looking for an inexpensive way to watch football? Fubo could be your best bet. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.