Yes — and here’s when it still makes sense.

With mortgage rates having risen over the past few years, many homeowners are asking:

👉 “Why would I refinance now if my current rate is lower?”

It’s a fair question — but the answer might surprise you.

Because while rates do matter, they’re not the only reason to refinance.
Refinancing is about more than just your interest rate — it’s about total financial strategy.

Here’s when it might make sense to refinance, even if today’s rates are higher than your current one.

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✅ 1. You Want to Consolidate Debt (And Save More Overall)

If you’re carrying high-interest debt — like credit cards or personal loans — your mortgage rate doesn’t need to be lower to save big.

Example:

Loan	Balance	Interest Rate	Monthly Payment
Mortgage	$300,000	3.75%	$1,389
Credit Cards	$35,000	22%	$875
Personal Loan	$15,000	12%	$335

Total: $2,599/mo

Refinancing everything into a single mortgage at 6.25% might increase your mortgage payment — but reduce your total monthly debt by $700+, and help you breathe again.

📘 This is especially smart if you’re stuck in the minimum payment cycle and can’t get ahead.

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✅ 2. You Want to Remove Mortgage Insurance (PMI or MIP)

If you currently pay:

• FHA mortgage insurance (MIP), or
• PMI on a conventional loan

…and you’ve reached 20%+ equity, refinancing can eliminate those monthly premiums, even if your rate rises slightly.

✅ We often see homeowners save $150–$400/month just by removing mortgage insurance — regardless of the new rate.

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✅ 3. You Want to Change Your Loan Term

Refinancing into a shorter loan term (even at a higher rate) may help you:

• Pay off your home faster
• Build equity quicker
• Save thousands in long-term interest

Or — if you need lower payments temporarily — extending your loan term might give you room to breathe financially.

This is about control over your monthly cash flow, not just chasing the lowest rate.

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✅ 4. You Want to Refinance Out of FHA

If you’re in an FHA loan and paying lifetime mortgage insurance, refinancing into a conventional loan (even at a slightly higher rate) may still reduce your:

• Total monthly payment
• Long-term cost
• Time to reach full homeownership

📘 We’ll show you how it breaks down with your specific equity, credit score, and loan amount.

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✅ 5. You’re Preparing for the Future

Sometimes refinancing now — even with a higher rate — can:

• Remove a borrower
• Lock in a fixed rate before rates go higher
• Position you to refi again later with better terms
• Get your equity out of the home while it’s still high

You’re not refinancing for the rate — you’re refinancing for the long game.

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🧠 So, Should You Refi with a Higher Rate?

You should consider it if: ✅ Your overall monthly savings or debt relief is significant
✅ You’re removing PMI or MIP
✅ You want to switch loan types (ARM → fixed, FHA → conventional)
✅ You need more cash flow or stability
✅ You’re making a move for long-term strategy — not just rate chasing

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🏢 Why PRMI?

At PRMI, we help you:

• Refinance with a clear financial purpose
• Compare all-in savings, not just rate quotes
• Remove mortgage insurance when possible
• Find creative ways to maximize monthly savings or reduce debt

We’re here to help you make the move that fits your big picture — not just the headlines.

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👇 Think You Shouldn’t Refinance Because of Today’s Rates?

Let’s look beyond the numbers on paper — and focus on the numbers that actually improve your life.