Mortgage rates, what they say
As of early May, 2009, the average interest rates for 15, 20, and 30 year fixed rate first mortgage loans hovered at or near 5 percent, making mortgage refinancing even more attractive. Mortgage refinancing functions by either paying off an existing mortgage loan or combining existing first and second mortgage loans into a single first mortgage loan. It goes without saying that lower interest rates obtained through mortgage refinancing equal lower monthly mortgage payments. But, mortgage refinancing is more than just lower interest rates. You can also either increase or decrease the term of your mortgage, which has a direct effect on the amount of your monthly payment.