Mortgage Rates are Still Unbelievably Low — But Beware of the Refinance Trap.

If you took out a mortgage as recently as a year or two ago, there’s a good chance you were cracking open a Budweiser to celebrate your incredible interest rate.

Fast forward to today, and home loans are even cheaper. As of this writing, average rates on a 30-year mortgage are in the sub-3% range, something that seemed unthinkable even a decade ago. If you’re like a lot of homeowners, that may leave you wondering: Should I refinance my mortgage now?