How to decide whether refinancing makes sense as rates fall

U.S. mortgage rates have fallen below six percent for the first time since 2022, encouraging homeowners to consider refinancing. Financial analyst Stephen Kates suggests refinancing may be beneficial for those with rates at 7% or higher, potentially saving thousands annually. However, he warns of the significant costs associated with refinancing, which can range from 2-6% of the new loan amount, and advises homeowners to shop around for the best rate.