There are a few things worth considering if you're planning to refinance your mortgage loan soon. Getty Images/iStockphoto

The interest rate climate has already begun to shift ahead of the Federal Reserve's expected rate cuts this month. Just this week, mortgage rates dropped substantially, falling to an average of 6.35%, according to Freddie Mac. That's the lowest average mortgage rate we've seen since October 2024. And, mortgage refinance rates are currently sitting at an average of 6.72% for 30-year loan terms.

The dip spurred some homeowners to refinance their mortgage loans. In fact, mortgage loan refinances accounted for nearly 47% of all mortgage applications in the week ending September 3. "We've seen increased demand for refinance as homeowners look to take

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