Many homeowners who have watched interest rates plunge over the last month or so have undoubtedly felt pangs of mortgage envy. It’s a perfectly natural emotion when lenders start to dangle 4.9 percent rates for 30-year, fixed-rate loans without extra fees for buying down that rate … But for many homeowners, deciding whether to refinance their mortgages can be confusing, especially if they have had the loan long enough to start significantly diminishing their debt.
By Bob Tedeschi, Dec 26, 2008, NYTimes

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From NY Times, “The Refinancing Dilemma” , NYT 12/26/08