Are you considering a refinance of your current mortgage? Could now be the perfect time to do it? Low interest rates certainly make this an attractive option for those looking to save money or consider refinancing.

Today's low refinance mortgage rates as well as an optimistic housing market could mean now is the ideal time for you to explore refinancing. With interest rates remaining at historic lows and increased competition among mortgage lenders, there are many advantages to be had from this attractive option.

Some of the main benefits of refinancing include saving you money in both the short and long term, consolidating debt, or switching from a variable to a fixed mortgage rate if you find that advantageous. Here we look at a few of those benefits in detail.

One of the most obvious advantages to refinancing your mortgage is that it will bring down your interest rate, resulting in a lower monthly payment. Not only can this save you hundreds of dollars each month, but could also give you more spending power for your other financial goals. Over the long-term, having a lower interest rate could also save you thousands in accumulated interest and could help you pay off your mortgage years sooner.

If you have other debts that you feel are becoming unmanageable, refinancing your mortgage could also be a great option for consolidating your debt. This could be useful if you find yourself struggling to meet the multiple monthly payments and feel overwhelmed with what you owe. With an extended loan term, say from 10 to 20 years, and a lowered interest rate your total debt amount could become much more manageable and help with your monthly budget over the long term.

Another benefit of refinancing your mortgage is the possibility of switching from a variable to a fixed rate. With the current economic uncertainty, a fixed rate mortgage could be the safer option as it locks in your interest rate throughout the period of your mortgage, giving you the peace of mind that your repayments won’t change.

The good news is that it’s simpler than ever to explore your refinancing options. While there could potentially be closing costs involved and it may take some time to process your application, the savings over the long-term could be of great benefit.

Overall, refinancing now could be a smart financial move as interest rates remain at record lows and the housing market looks to be heading in a positive direction. It’s always worth shopping around and doing your research to ensure you are getting the best deal, while also exploring any fees or early repayment charges that may apply.

Refinancing your mortgage at today's low rates could provide many benefits and be an effective way of reducing your mortgage debt and other debts that you may have. Doing so could lead to greater control of your finances and ultimately more freedom to pursue and achieve other financial goals.