Fixed mortgage rates have been gradually decreasing over the last five weeks. As a result, persons with existing mortgages may be asking themselves, is now a good time to refinance? While nobody knows what the future holds or where interest rates may be in the future, the recent decrease in interest rates may signal a good time for homeowners looking to refinance. As a result, homeowners looking to refinance should consider the following three things (at a minimum) when determining whether refinancing is right for them. 1) What is the term on their present loan (ie: interest rate, outstanding mortgage balance amount and repayment schedule)?; 2) What are the terms on new loans being considered (ie: interest rate and repayment schedule)?; and 3) What charges are associated with paying off their existing loan or acquiring a new loan (ie: prepayment penalties on the existing loan, origination costs on the new loan, or closing fees on the new loan)? Analysis of these types of questions will help determine whether it makes financial sense to engage in a mortgage refinance or not.