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October 27, 2014

Is refinancing your mortgage worth it?

  • Don't be fooled into thinking that you're getting a better deal when it's simply a new loan with a longer term.
  • By ALEX VEIGA
    AP Business Writer

    The interest rate pendulum has swung in favor of homeowners again.

    A steady decline in recent weeks brought down the average rate for a 30-year fixed home loan below 4 percent to 3.92 percent last week, the lowest level in more than a year. As recently as January, the average was 4.53 percent, according to mortgage giant Freddie Mac.


     
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