All-Time Low Mortgage Rates: Time To Refinance? With the
interest rates we've been experiencing for the last year or so,
it may seem like there is no end in sight to new record-low
interest rates. On July 22, Freddie Mac's Primary Mortgage
Market Survey, which provides a snapshot of national average
mortgage rates, reported a national average rate of 4.56% with
0.7 points on a 30-year fixed-rate mortgage. At the same time
last year, the rate was 5.2% with 0.7 points. So once again, you
might be asking yourself, is it time to refinance?  Assuming you
can qualify to refinance your mortgage, here are some things to
consider.   Your Overall Financial Picture Refinancing can be a
great way to save money. It can also be a great way to get
yourself into financial trouble. It is still possible to do a
cash-out refinance, meaning that you borrow against the equity
you've accumulated in your home. People use this money for
things like paying off high-interest debt, financing a child's
education or remodeling a kitchen.