Currently the national average for the 30 year fixed rate is near 6.5%. Some people out there may think that these rates are too high and are still waiting for rates to come down. In my opinion 6.5% for a 30 year fixed rate is still a great deal considering that in the 1980’s rates ranged from 9% to almost 15%. When you consider where rates were 20 years ago, rates today are a steal. Unfortunately, over the past couple of years consumers got use to consistently seeing interest rates in the 5% range and even a couple of times rates have dropped below 5%.
My advice to you is that if you can refinance to a fixed rate where you are able to drop your interest rate by at least one full percentage point more than likely it will save you thousands of dollars over the life of the loan.