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Should you refinance your mortgage now that rates are falling? What experts say
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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.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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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.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more