The 1% mortgage refinancing rule may not apply to every borrower or housing market environment. Wipada Wipawin/Getty Images

Mortgage rates have dropped quite a bit since their 7% peak at the start of the year, and if analyst predictions are correct, they may continue falling over the next couple of months as the Federal Reserve conducts more benchmark rate cuts.

So far, the recent rate drops have already spurred a flurry of refinances , with refinancing applications up 18% over just one year ago, according to the Mortgage Bankers Association. So, should you start considering a refinance soon, too?

While many have said you should wait to refinance until doing so can offer at least a 1% rate reduction, that rule isn't universal for everyone. In fact, in today's rate environmen

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