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Trick or treat: 7 money tips

Refinancing your home
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Refinancing your home

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."


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REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.17%  0.11 4.06%
15 year fixed refi 3.21%  0.12 3.09%
10 year fixed refi 3.26%  0.15 3.11%
 
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Product Rate Change Last week
30K FICO-based HELOC 4.67%  0.35 4.32%
50K FICO-based HELOC 4.04%  0.05 3.99%
100K FICO-based HELOC 3.88%  0.05 3.83%
 
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Product Rate Change Last week
60 month used car loan 2.99%  0.19 2.80%
48 month used car loan 2.91%  0.09 3.00%
60 month new car loan 3.07%  0.10 3.17%
 
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Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.20%  0.01 1.19%
5 Year CD 1.82% --0.00 1.82%
 
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Product Rate Change Last week
Balance Transfer Cards 15.80% --0.00 15.80%
Cash Back Cards 16.42% --0.00 16.42%
Low Interest Cards 11.09% --0.00 11.09%
 
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