When Should I Refinance My Mortgage?
Updated 7 days ago (March 6, 2026)
When interest rates fall, it's a good time to refinance your mortgage. In this case, you can find another loan with a similar monthly payment as your current loan, but repaid over a much shorter period. It can also be useful to convert to an adjustable-rate mortgage from a fixed-rate loan when rates will continue falling, as your rate may decrease with the market.
Generally, you should consider refinancing whenever it can help reduce your monthly payments, shorten the time it takes to repay your loan, or both. Remember that every mortgage includes closing fees, so you should wait to ensure the benefits you gain from refinancing will be more than enough to justify paying these expenses.
Financial Disclaimer: Tellus provides this content for informational purposes only. This is not financial advice. Financial returns and mortgage terms vary based on individual circumstances and market conditions. Consult a qualified financial advisor before making financial or borrowing decisions.