Why should you refinance your mortgage loan? To take advantage of rock-bottom interest rates. The average rate for a fixed-rate 30-year mortgage is currently 5.47 percent, the lowest level since 2005. These lower rates have created a surge in refinancing, as many homeowners have been looking for a way to get out of their adjustable-rate mortgages or lower the rate on their fixed-rate mortgages. According to the Mortgage Bankers Association, refinances accounted for almost 70 percent of mortgage applications during the first week in February, and the inquiries keep coming.