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Friday,

Friday September 20th. I'm J.R. Whelan for the Wall Street Journal.

I'm J.R. Whelan for the Wall Street Journal.

It's been a tough couple of years for homeowners hoping to refinance to ease the strain on their household budget.

Mortgage rates have come down, but in many cases not enough for a refi to make financial sense.

This week's move by the Federal Reserve to cut interest rates could help change that.

The lower rate is attractive to people who bought in the last two years and have higher rate mortgages.

With rates just above 6%, some 4.2 million borrowers could lower their rates by at least 0.75 percentage points in refinancing.

And that's the most since early 2022.

Our personal finance reporter,

Ranao Dagger, joins us to discuss questions to ask

before deciding to refinance your mortgage.

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Wall Street Journal of Personal Finance reporter

Veronica Dagger joins me.

Veronica, first of all, just briefly explain what a refinancing allows a homeowner

...