Is mortgage refinancing right for you?

Low mortgage rates have helped fuel the competitive housing market, but for some homeowners, they offer an opportunity to save money through mortgage refinancing. For those on the fence about refinancing, there are several factors to consider. 

"If homeowners are in a situation where they have good credit and they're currently paying a rate that's 3.5% or above, I strongly urge looking into this refinancing because there are rates that are well below 3%," Bankrate.com chief financial analyst Greg McBride told CBSN Thursday. He said their consumer financial company has seen homeowners lock in 30-year fixed rates at about 2.75% in recent days. "So, you know, there's substantial savings there. It's a way to trim those payments — $200, $300 bucks a month." Mortgage rates have nudged higher this year from record lows during the height of the coronavirus pandemic in 2020. But interest rates continue to remain low with the national average 30-year fixed mortgage rate at 3.28% and the average 30-year refinance rate at 3.29% as of Thursday, according to Bankrate.