Thousands of homeowners who purchased a house within the last couple of years are itching for lower interest rates.
And if you are among them, forced to take on a mortgage with a seven or close to eight percent rate, you're probably considering refinancing.
So with rates now around six-and-a-half percent, and falling, should you refi now, or wait for even lower rates?
Mortgage broker Paul Luck of McKinley Mortgage said he's busier than he's been in two years.
"We have a lot of customers calling us to do a refinance," he said.
"When you go from an almost eight percent rate down to six and a quarter, you are saving a lot of money."
Audrey Fuller is one homeowner paying a higher rate and hoping to refinance her condo to lower her monthly payments.
"I would like to see them under five, go back to under five," she said.
"It would be like a $200 savings every month," she said.
What to know before you refi
But if you are considering a refinance, don't forget expenses such as the application, appraisal and credit report fees.
Finance company Freddie Mac said the average closing costs on a refinance are about $5,000, while the site Investopedia said you should plan to pay two to six percent of the loan amount.
Danielle Hale with Realtor.com also said to think about how much longer you'll be in the home.
"The longer you're there, the more you get to reap the benefits of those savings," she said. "But if you're planning to move over the next few years, then it might not make as much sense to refinance."
She said to use an online mortgage or refinance calculator to see if refinancing will save you money.
"But it is a bit of a balancing act," she said. "No one knows exactly where mortgage rates are going to be."
Lastly, an independent broker like Paul Luck can price multiple lenders.
So should you refi now, or wait till November or December when rates might be lower?
It's a dilemma because there are signs the Federal Reserve could cut interest rates as soon as September.
Luck said no one has the perfect answer.
"That's a good question," he said, "I always say take the bird in hand. Can you predict the future?"
That way you don't waste your money.
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