For quite some time, refinance mortgage rates have been at incredible levels, but that does not necessarily mean that it’s a good deal for every homeowner. Because of refinance closing and settlement costs, you may need to shave at least one full percentage point off of your current mortgage rate in order to get a beneficial deal. So, that means if you refinanced or purchased your home in 2007 or 2008, your rate could likely be in the 5.5 to 6.0 percent range. Therefore, you would need qualifying refinance mortgage rates at around 4.5 percent, with no discount points in order to begin talking about a beneficial deal for you.
