The recent wave of fear surrounding the Coronavirus had led to the lowest all time average rate for 30 year fixed mortgages this week (at 3.29%). With the cratering of the mortgage rate, talks of refinancing mortgages have sparked among the masses of homeowners in America. According to data from Black Knight, Americans stood to save an average of $268 monthly if they were to refinance their mortgage with the current mortgage rates. Given the circumstances, many experts encourage homeowners to explore refinancing their mortgages. Still, refinancing at the current mortgage rate is not a full proof plan to save money. Refinancing can cost thousands of dollars in fees, and taking on too steep of a monthly payment could prove to be a disaster when the economy is as unpredictable as it is now. People should make sure to seek professional financial help to ensure their financial betterment and safety. Still, with the right help, refinancing a mortgage can save thousands of dollars for a homeowner.