Lower interest rates and rising valuations make refinancing much easier and more palatable.
If you are currently in a mortgage that you are comfortable with and your home price has declined, you may not be able to refinance without cash down. But if you bought three or four years ago in one of these 10 markets, and don't plan on moving, you may have lucked out with a great opportunity to refinance. Owners in Salt Lake City (pictured) could save roughly $8,800 in this scenario.
If your rate is 6.6 or higher and you can get a 5.5 percent mortgage now or lower, the average owner in these cities could save $1,200 per year or more.
