Falling Mortgage Rates May Mean It's a Good Time to Refinance

Taking advantage of current lower interest rates may save you thousands of dollars.
0:57 | 01/21/15

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Transcript for Falling Mortgage Rates May Mean It's a Good Time to Refinance
economy this morning, now may be the best time in months to refinance your mortgage. Rates have hit a new low and ABC's Rebecca Jarvis is here with the details. Reporter: Good morning, this is very significant. This morning the average 30-year fixed rate mortgage is close to its rock bottom lows. Right thousand at 3.6% and for many refinancing could mean huge savings. Take a look at this. If you have a $200,000 mortgage at 4.6% right now and you can refi it at 3.6%, you will save $118 a month which is more than $40,000 over the life of your loan. But before you race to refi take a look at those fees and remember if you're going to be moving in two years or less, refinancing, it doesn't usually make sense. Plus, it is time to shop around. There are some great websites to check out, zillo.com and bank rate, a buyer's market and means you, the homeowner is in the driver's seat. All right. Rebecca, thanks so much for that.

This transcript has been automatically generated and may not be 100% accurate.

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