The recent implosion of the subprime market has negative effects on interest rates.

With reference to interest rates, there are two types of mortgages; we adjustable rate mortgage (ARM) and the other is a fixed rate mortgage (FRM).
Choose the company that offers the lowest interest rates, but see the savings you can generate too.

Refinancing is one of the most convenient ways to repay a loan because refinancing means to apply for another loan to pay off a previous loan on the same mortgage.

The added benefit is that if rates go down, a person in a No refinancing costs can easily keep refinancing at a lower rate, no closing costs.
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You get to reduce your monthly payments by opting for a lower interest rate (as already mentioned), subscribing to an interest only loan or extending the term of your mortgage.