Part of determining if a mortgage refinance is practical is weighing the balance between its benefits and costs.

This week the Freddie Mac 30-year fixed interest rate averaged 6.35%. Sam Khater, Freddie Mac’s chief economist, noted the 15 basis point-drop from last week was the largest weekly drop in a year.

A cash-in refinance is the opposite of a cash-out refinance: you'll refinance your mortgage for a lower interest rate with a higher down payment. Maybe you've gotten an inheritance, a bonus at work or ...