View photosWith rates under 3%, most mortgages should be refinanced, study saysMore

Few people ever expected to see mortgage rates slide so low, and many homeowners have been caught off guard. Thirty-year fixed-rate mortgages are now averaging less than 3% in multiple surveys — and are offering major refinance savings.

Though mortgage holders have been flocking to get new loans with sharply reduced interest rates, plenty of homeowners are still sitting on mortgages that are now too expensive.

In fact, a new report from mortgage company Fannie Mae says most mortgages with outstanding balances should be refinanced. Maybe that includes yours.

If you have a mortgage that’s closer to 4% than 3%, your monthly mortgage payment is probably hundreds of dollars higher than it could be.

Who needs

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