Refinance timing is not only about rates; it is also about loan purpose, closing costs, break-even point, equity, and how long the homeowner expects to keep the loan.

Cash-out and rate-and-term refinancing solve different problems, so homeowners should compare purpose, cost, equity, payment, and long-term benefit.

A refinance should be measured by purpose, cost, break-even point, monthly savings, cash-out needs, and long-term plans.