Mortgage Mart

With rates tumbling, pay a little more now and retain the flexibility to refinance again next year

Most homeowners have got the message: you no longer have to wait for mortgage rates to drop 2 percentage points before refinancing. With tumbling interest rates and a proliferation of low-fee mortgage options, a mere half-point drop may provide enough savings to warrant the paperwork. Don't run to the phones just yet, though. The Internet is where you'll first want to run, to survey current rates and fees, and calculate monthly payments and savings.

The best websites: HSH Associates which has a simple work sheet and shows current rates (including points) for lenders in each state; Bank Rate...

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