In What Situation Should You Refinance Your Mortgage?

You may want to wait and see what the election and the markets bring.  The deflation of home and stock prices as well as lowering the interest on borrowing while have a large impact on the market.  Your personal credit rating as well.  I would research several banks, brokers and credit unions and find the best option for yourself and you should be able to lower your interest rate and your monthly mortgage payment.  Watch out for fees and learn how to bargain and negotiate to get the best deals.  Good luck

The average U.S. Homeowner refinances his or her mortgage every four
years. Sometimes it’s to take advantage of lower interest rates, but
there are many other reasons to refinance. Are any of them right for
you? Find out by seeing if you can answer “yes” to one or more of the
following questions.

Are interest rates rising?

If you have an adjustable-rate mortgage (ARM) and expect interest rates
to rise, you may want to switch to a fixed-rate loan. By locking in the
interest rate, you won’t have to worry about your payments climbing in
the future.

Is your monthly payment straining your budget?
You may want to consider refinancing to lower your monthly payment.
Even
if rates are the same as when you obtained your current mortgage, you
may want to refinance to extend the term of your loan if you’re having
difficulty meeting your monthly payments.

Is your ARM causing stress?

Perhaps you were attracted to an adjustable-rate mortgage because the
initial rate and payments were lower than a fixed-rate loan. However,
many ARM are adjusted annually. That means if interest rates go up so
too will your monthly payments.
Remember, refinancing doesn’t come without a price: Closing costs will
eat into your savings at first, so the longer you plan to stay in your
home, the more you’ll benefit. Before considering refinancing, use the Lending Tree  to help determine your break-even point.

The single sentence answer would be to refinance if it is costing you less - but the fact of the matter is that refinances do not always cost you less. There are associated costs that a refinance attracts. You have to consider those costs. Also check if a refinance is extending the length of time required to fully amortize your loan. Be particularly careful with no-cost refinance loans as these carry hidden costs.

You should make use of a mortgage refinance calculator to see if it is worth your time and money to go for a mortgage refinance.