Taking out a mortgage is a big financial decision, but it doesn't have to be a permanent one, at least not in terms of the rate you pay. In many cases, homeowners can refinance their mortgages, which involves taking out a new loan to replace the old loan. Doing so can potentially lower your monthly payment if interest rates drop, or you might take advantage of other possibilities with refinancing, like changing the duration of your mortgage or removing mortgage insurance.
'I don't think 2024 will be a good time to refinance for many people, if for anyone,' says Jeff Levinsohn CEO at House Numbers. 'Only about 5% of homeowners have an interest rate above 6.5%. Plus, the industry is forecasting a drop in interest rates in 2024 to the high 6% range. That's not going to cut it. It would take a major deterioration in the economy and a historically fast decrease in interest rates to create a refinance opportunity for most homeowners.
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