Who Won the U.S. Presidential Debate?

No 'universal rule' for refinancing a mortgage

For starters, while mortgage rates are partly influenced by the Fed's policy, they are also tied to Treasury yields and the economy. So, home loan rates may continue to fluctuate. Further, most homeowners still have a lower rate on their loan than what they could likely get if they were to refinance now — with the exception of those who bought a home within the last two or three years, according to Jacob Channel, senior economic analyst at LendingTree. Roughly, 82% of homeowners are locked in at rates below 5%, and 62% have rates under 4%, a 2023 Redfin analysis found.

"There isn't a universal rule for when people should think about refinancing a mortgage," Channel said. "Some people will tell you that you shouldn't think about refinancing until you could get a rate that's at least 50 basis points lower than what you currently have, others will say that you should wait until you could get a rate that's 100 or more basis points lower." Other factors to consider are your creditworthiness, which will ultimately determine what rate you can qualify for, as well as the closing costs, which typically run 2% to 6% of your loan amount to refinance, according to LendingTree. "There's no one-size-fits-all answer to the question of whether or not somebody should refinance their mortgage," Channel said.

Don't wait to reassess credit card debt

• Read More