With mortgage rates hitting new record lows over twelve times, millions of people have already refinanced their mortgages and millions more could save by doing so. Use Money’s refinance calculator to determine whether refinancing is right for you.

The rate on a 30-year fixed refinance climbed to 6.5% today, according to the Mortgage Research Center. Rates averaged 5.47% for a 15-year financed mortgage and 6.18% for a 20-year financed mortgage. Related: Compare Current Refinance Rates The average ...

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.93%, down 0.16 point from this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $661 per month for principal and interest at the current ...