Feb. 17, 2020
Do you know the interest rate on your home mortgage? If you don't, you're not alone.
More than 1 in 4 mortgage holders doesn't, according to a new study by Bankrate.com.
The survey found that millennials with a mortgage are more likely to be unsure of their rate than Gen Xers or baby boomers.
So why does this matter?
If you don't know the interest rate you're paying on your mortgage, you won't know when it's time to refinance. And with mortgage rates so low, it may be time to do that and lower your monthly payments for years to come.
The average 30 year fixed is currently around 3.7 percent. The average 15-year fixed is just slightly above 3 percent, according to Bankrate.