If you’ve been following the news, you may have heard that mortgage rates hit a record low in July, and they’re still competitive as we ease into August. In fact, on August 2, the average rate for a 30-year fixed mortgage was 3.12%, and 2.77% for a 15-year mortgage. That’s great news for first-time homebuyers, but it’s also good news if you already own a home. The reason? You may be able to refinance your existing mortgage. But is that the right move for you?

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