---
title: Stop Making the Same Mortgage Payment
description: We earn a commission when you click links on our site. Compensation and in-depth research determine where and how companies appear on the page. Learn…
authors:
  - name: The Money Staff
published: '2020-08-14T21:07:49.000Z'
modified: '2020-11-11T14:09:14.000Z'
section: Mortgages
word_count: 302
canonical: https://money.com/mortgage-refinance-is-the-silver-lining-for-homeowners-stg/
type: Article
source: structured-blocks
---

![advertorial-Mortgage-Refi](https://img.money.com/2020/08/GettyImages-165303023.jpg)

***We earn a commission when you click links on our site. Compensation and in-depth research determine where and how companies appear on the page. [Learn more](https://money.com/page/disclaimer/) about how we make money.***

If 2020 has you feeling like you can’t catch a break, you’re not alone.

But if you own a home, you might have lucked out. Global uncertainty is actually playing to the advantage of American homeowners by creating potentially a once-in-a-lifetime opportunity for [mortgage refinancing](https://money.com/pr/u9cf65df8ecc?ap_referrer=https%253A%252F%252Fmoney.com%252Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%252F).

## Why Interest Rates are Strangely Low

As markets have been shaken, the Federal Reserve Board has pulled the levers at their disposal in an attempt to inject confidence into the housing market. Their moves have resulted in some of the lowest interest rates on record. Some homeowners have even reported interest rates between 2% and 3% -- affordability once considered unfathomable.

## What are the current mortgage refinance rates?

### Click your state to get started and see your AmeriSave (NMLS ID #1168) rate today.

[View Rate](https://money.com/pr/r846fac0fc62?ap_referrer=%2Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%2F&url=%2Fp%2Famerisave-mortgage-refinance-review%3Fap_referrer%3D%252Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%252F%26pcuid%3Dr846fac0fc62%26pd%3D1%26url%3Dhttps%253A%252F%252Fad.doubleclick.net%252Fddm%252Ftrackclk%252FN1367857.2137707CONSUMERSADVOCAT%252FB34517025.433221303%253Bdc_trk_aid%253D629568406%253Bdc_trk_cid%253D247389276%253Bdc_dbm_token%253D%2524%253Bdc_lat%253D%253Bdc_rdid%253D%253Btag_for_child_directed_treatment%253D%253Btfua%253D%253Bgdpr%253D%2524%253Bgdpr_consent%253D%2524%253Bgpp%253D%2524%253Bgpp_sid%253D%2524%253Bltd%253D%253Bdc_tdv%253D1unescapedlpurl%253DSource%25253D153747%252526LeadID%25253D%26vertical_alias%3Dmortgage-refinance%26wafid%3D5659)

## Who Is Eligible for the Best Rates?

-   Having a great credit score has never been more important. The best rates are going to homeowners with a FICO of 640 and above.
-   Conforming loans (under $510k in most areas of the US, up to $765k in some places) are getting the best rates

## Is Now the right time to Refinance? What if I already did?

Rates have dropped meaningfully this year. Even if you refinanced earlier this year, it could still make sense for you to refinance for even more savings. This could be a once-in-a-lifetime opportunity and may not be around for long.

Here’s how to take advantage: [enter your address and complete the short survey](https://money.com/pr/u9cf65df8ecc?ap_referrer=https%253A%252F%252Fmoney.com%252Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%252F) at AmeriSave. AmeriSave has an easy-to-use website with multiple choice questions and in just 3 minutes on average you can view your mortgage rates.

Unlike with other typical pre-qualification processes, AmeriSave won't ask for your social security number or hard credit pull to [run the pre-qualification numbers for you](https://money.com/pr/u9cf65df8ecc?ap_referrer=https%253A%252F%252Fmoney.com%252Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%252F).

### Get your quote at AmeriSave while rates are at historical lows.

![](https://s3.consumersadvocate.org/prd/image/image/38123/large_1a99822f-dc60-4821-9d86-996d5973edff.webp)

[Start Free Quote](https://money.com/pr/mfe9b20871ac?ap_referrer=%2Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%2F&url=%2Fp%2Famerisave-mortgage-refinance-review%3Fap_referrer%3D%252Fmortgage-refinance-is-the-silver-lining-for-homeowners-stg%252F%26pcuid%3Dmfe9b20871ac%26url%3Dhttps%253A%252F%252Fad.doubleclick.net%252Fddm%252Ftrackclk%252FN1367857.2137707CONSUMERSADVOCAT%252FB34517025.433221303%253Bdc_trk_aid%253D629568406%253Bdc_trk_cid%253D247389276%253Bdc_dbm_token%253D%2524%253Bdc_lat%253D%253Bdc_rdid%253D%253Btag_for_child_directed_treatment%253D%253Btfua%253D%253Bgdpr%253D%2524%253Bgdpr_consent%253D%2524%253Bgpp%253D%2524%253Bgpp_sid%253D%2524%253Bltd%253D%253Bdc_tdv%253D1unescapedlpurl%253DSource%25253D153747%252526LeadID%25253D%26vertical_alias%3Dmortgage-refinance%26wafid%3D5659)

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