Mortgage Rates Just Dipped Below 6%–Here's When to Refinance

Mortgage rates are dipping below 6% and that's tempting for people who want to refinance, especially those who have mortgage rates in the 7 to 8% [music] range. But before you refi, you need to do the math. Closing costs have surged in recent years, and they typically range from 2 to 6% of your new loan balance.On a $400,000 mortgage, that translates to about $8,000 to $24,000 in fees. To make a refi worthwhile, you need a rate that's at least half a percentage point lower than your current rate, and you'll ...