Released: March 24, 2008

Not to late to refinance home

Source: Joe Light, Money Magazine

Earlier this year, when mortgage rates dipped below 6% for the first time since 2005, homeowners rushed to refinance costlier loans. In fact, more than six out of 10 mortgage applications so far this year have been for refis.

But lately mortgage rates have been on an uptick - the average 30-year fixed mortgage hit 6.2% by the end of February, up from 5.6% a month earlier.

Have you missed your chance to nab a cheaper home loan? Not necessarily. Rates are still near historical lows, and besides, these days there are some compelling reasons to refinance beyond a lower rate. Here’s how to tell if a refi makes sense for you.

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