Homeowners Could Benefit from Refinancing as Fed Prepares Rate Cut

The Federal Reserve's anticipated rate cut next week may offer significant savings opportunities for homeowners with high mortgage rates.

Homeowners with mortgage rates of 6.5% or higher stand to save the most by refinancing after the expected Fed rate cut.
Current refinancing rates for 30-year fixed-rate mortgages average around 5.72%, with government-backed loans slightly higher.
Refinancing involves closing costs ranging from 2% to 6% of the loan amount, which must be weighed against potential savings.
New York State had some of the lowest mortgage rates in August, averaging 6.14%, compared to the national average of 6.39%.
Experts advise homeowners to prepare now by improving credit scores and paying down debt to take advantage of lower rates when they occur.