This under-the-radar mortgage hack is saving some Americans thousands of dollars per year. Here's what you need to know

Core Insights - Mortgage interest rates are currently declining, with the average rate on a 30-year fixed mortgage at 6.21% as of December 18, 2025, down from over 6.74% the previous year [2] - Homeowners are encouraged to consider mortgage rate modifications as a way to lower monthly payments without the need for full refinancing [2][3] Group 1: Mortgage Rate Modifications - Mortgage rate modifications allow borrowers to adjust the interest rate on their existing loan, which can lead to lower monthly payments and reduced interest over the loan's life [3] - These modifications are often associated with loan modifications aimed at preventing default or foreclosure, but some lenders may proactively offer them when market rates drop [4] - Homeowners should understand their existing loan terms, including interest rates and any clauses related to modifications, before approaching their lender [4] Group 2: Research and Negotiation - Researching current mortgage rates can enhance a homeowner's negotiating position when discussing modifications with lenders [6] - Borrowers who obtain multiple quotes from different lenders can save between $600 and $1200 annually compared to those who refinance with their current lender, leading to significant long-term savings [5] - Demonstrating a good credit score and a history of on-time payments can make lenders more willing to accommodate requests for rate modifications [6]