Refinance applications have risen as mortgage rates are at nearly historic lows. Now, homeowners are being urged to consider refinancing their loans in order to save big.
"Refinances have been making up the majority of applications for new mortgages, and lenders have been receiving refi applications at more than double the rate of a year ago," according to Yahoo.
"Even if your current home loan is only a year old, it may make sense for you to refinance to a lower rate and reduce your monthly payment."
As noted in the report, refinancing could be a great way to lower a monthly mortgage payment and is especially useful if a homeowner can take advantage by locking in a low fixed rate.
"Falling mortgage rates have made refis all the rage, lenders say. During the week ending Jan. 17, refinances accounted for 61.6% or all mortgage applications," according to the report.
For more on the surge in mortgage refinances, click here.