![](https://www.ibj.com/wp-content/uploads/2020/05/Rop_mortgages_051520-300x200.jpg)
Record-low interest rates have sparked a refinancing free-for-all
A borrower who took out a 30-year, $200,000 mortgage in 2018 at an interest rate of 4.55% would have a monthly payment of $1,019. By refinancing into a 30-year mortgage with a 3.46% interest rate, the monthly payment would drop to $865.