Mortgage rates are low and attractive. That means a lot of homeowners think they have to refinance now or lose out, says Linda Sherry, director of national priorities for Consumer Action.
While lower rates are a treat for some, refinancing might not be the best move for others, she says.
The trick: "It's not easy to refinance unless you have excellent credit, and there may be costs involved that you have to consider," Sherry says. Also, you "could be starting the clock again on a mortgage that you're close to paying off," she says.
The treat: If you're getting out of a variable or exotic mortgage into a fixed-rate loan with a steady, affordable monthly payment, it can be a supersweet deal.
"Anyone with a 6 percent mortgage may love the idea of getting one at 4.5 percent," she says. "But it's not worth it for everybody."