Rush to Refinance

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There's a rush to refinance, as homeowners take advantage of lower interest rates.

Mortgage rates are at record lows since the Federal Reserve continues to drop the interest rate.

For a homeowner with a 6% or higher rate, refinancing will save big money.

"I was ecstatic," said Jodi Mullis. She is meeting with a loan officer hoping to refinance. She could save $150 a month in her mortgage payment.

Cheryl Jenkins is the regional mortgage manager for Mortgage Centre in Wichita.

"Usually, depending on your monthly payment and mortgage amounts, you can lower your payment by a couple hundred dollars a month. It certainly going to make a difference," said Jenkins.

You will have to pay around a thousand dollars in closing costs, but Jenkins says that can be wrapped back into the loan.


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