Anyone who has been watching the mortgage interest rate forecast will have noticed that there is a growing trend for the interest rates forecast - and that trend is upward. Home owners have a very small window of time just now to lock in the current low interest rates before the Federal election. After that time, all bets are off. Interest rates will be cut loose from the political weights holding them artificially low.

Current Mortgage Interest Rates Predictions

Refinancing will often lower your monthly mortgage payment. Not only are interest rates currently rather low, but if you have had your mortgage for any length of time, you should have built up some equity in your home, which means that your new mortgage will also be for a lower principal amount - that is, the amount you need to borrow will actually be lower.

Combining lower interest rates with a lower principal loan amount can reduce mortgage payments quite dramatically.

You can use an online mortgage payment calculator to work out what your mortgage payments would be if you were to refinance.