If you can lower your interest rates, more of your money can be used to reduce your debt, instead of paying off only your interest.
Refinancing doesn’t guarantee lower payments, but it could help you get a lower interest rate and enable you to pay off your loan faster.
So if you feel like your interest rate is too high, refinancing could help.
This process will also combine all the loans you refinance into one convenient payment.
But if the Fed starts worrying about inflation, policymakers may decide to raise rates to keep prices from rising too sharply.