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Dear Penny: Does It Ever Make Sense to Refinance at a Higher Interest Rate?

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2 years ago

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Dear Penny,

We recently came into some money and would like to pay down some of our mortgage. But we have an FHA loan and the only option would be to refinance. 

Since the rates are higher than ours and expected to rise, should we wait to refinance? I’m totally bummed that the mortgage cannot be recast.

-A.

Dear A.,

Refinancing makes sense when it can save you money over the life of the loan. Or sometimes, it’s a smart move when you have an adjustable-rate mortgage and you want to lock in the certainty of a fixed rate.

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