Change happens. Maybe you bought your home right after college, before you had a decent credit history, and didn't receive the best interest rate available. Perhaps mortgage loan rates were high when you had to relocate to a new city. Interest rates can change dramatically over the years. Taking advantage of a lower rate through a mortgage refinance can have an equally dramatic effect on your monthly payments and on the interest you'll pay over the life of your loan. When your circumstances change, you can change with them.
Although many housing markets are expected to fully recover from the impacts of the economic downturn within a decade, others may remain mired in decline for years to come, perhaps even coming to resemble Old West ghost towns.
Buying a second home can pose some challenges you don't face when buying a home for your primary residence. The mortgage interest rates are higher. Lenders will scrutinize your credit reports and income documentation very closely to ensure you have sufficient income to meet all your obligations. The property itself may be difficult to qualify for a mortgage.
When you look at mortgage rates, do you ever wonder how they come up with the numbers? It isn't as mysterious as it seems. The Federal Open Market Committee uses market conditions to help determine the rates that you'll pay for mortgage loans.