The surge in mortgage refinancing seems to strongly correlate with the drop in interest rates. "As millennials are realizing the total cost of homeownership, beyond just the mortgage payment, that amount makes a difference," he continues. As illustrated above, the most obvious benefit of refinancing is the opportunity to lower your monthly payment. Beyond lowering your monthly payment, Tyrrell points out how homeowners may also be able to leverage refinancing to help cover some of life's bigger expenses. AdvertisementAdvertisementEditor's note: This post has been updated to include mortgage refinancing data from March 2020.

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