Why Homeowners Should Act Now on Mortgage Refinancing
Mortgage rates have shown signs of easing in recent months, reaching a 10-month low earlier in August 2025. With the possibility of a Federal Reserve rate cut this fall, homeowners carrying higher-interest loans have a golden opportunity to refinance into a more affordable mortgage.
While rates remain volatile — currently averaging 6.68% for 30-year fixed loans, according to the Mortgage Bankers Association — experts agree that being prepared is critical. Refinancing opportunities can appear and disappear quickly as markets respond to inflation, Treasury yields, and Fed decisions.
Mortgage strategist Keith Gumbinger explains:
“Getting the preparation done beforehand will allow you to move quickly.”
Here are the five essential steps every homeowner should take to be ready when refinance rates hit your target.