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3 signs it’s safe to refinance your mortgage again
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Homeowners looking for a way to cut mortgage costs have been stuck with few options in recent years, thanks to an elevated inflation rate and a higher federal funds rate geared to lower the former. That left mortgage interest rates exponentially higher than they were just a few years ago, at one point hitting their highest level since 2000. But as inflation has steadily cooled from over 9% in June 2022 to just over 3% now, the interest rate climate has adjusted, too.
While still absent a formal cut to the federal funds rate (that could come later this year), some lenders have already started offering lower rates in anticipation. While not dramatically lower than what was being offered earlier this year, mortgage rates are seemingly on a downward trend, leading some homeowners to wonder about refinancing.
To that end, below we’ve broken down three signs that it may be safe to refinance your mortgage again.
Start by seeing how much lower a mortgage rate you can secure here now.
3 signs it’s safe to refinance your mortgage again
Not sure if it’s quite safe to refinance your mortgage? Here are three signs that it may be:
You can secure a mortgage rate one percentage point lower
Most experts agree that a new mortgage rate a full percentage point lower than your current one is worth refinancing to secure. So, for example, if your current mortgage rate is 8% or 7.50% and you can now lock in a rate at 7% or 6.50% (which is possible if you shop around for lenders), then it’s a sign that it’s safe and prudent to pursue a mortgage refinance now. Just make sure to account for closing costs and plan to live in the home long enough to recuperate those costs, otherwise, a mortgage refinance won’t make sense for you, regardless of how much lower a rate you can potentially obtain.
Explore your mortgage refinance options online today.
You can secure a mortgage rate half a percentage point lower
While a mortgage rate half a percentage point lower isn’t as optimal as a full percentage point, in some cases it still may be worth pursuing, especially if you think that the half-point drop is the best you can get for the foreseeable future. Not only will you save with your monthly mortgage payments, but you’ll also save a substantial amount in interest over the loan’s lifetime. For homebuyers who bought a home toward the end of 2023, for example, this scenario may already be available. So it makes sense to start calculating the potential savings now.
You want to get rid of your loan entirely
For many Americans, their mortgage payment is their largest one each month. But, in the face of inflation and high interest rates (not to mention higher borrowing costs), it may make sense to get rid of this loan entirely to refocus on other debts and expenses, instead. If you can refinance into a shorter loan term, then (like a 15-year mortgage) — and you can afford the condensed, higher payments — then it may be safe to pursue a refi, particularly if it allows you to reroute payments from your mortgage to other, high-interest debt. This circumstance is unique and is not broadly applicable, but can still be beneficial for select homeowners.
The bottom line
Homeowners looking for dramatically lower interest rates as motivation for refinancing may need to wait longer. But, for many, a mortgage rate that’s a full percentage point (or even half a percentage point) lower than what they currently have may be valuable enough to pursue now. Some others, meanwhile, may find it both safe and smart to refinance to pay the loan off sooner than expected. Each homeowner’s circumstances are different, however, so it’s important to carefully weigh your options before deciding which refinance path is best for you.
CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
How to watch the “60 Minutes” election special
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