People who bought homes in the past two years may want to seek a lower interest rate. Here’s how to think it through — and how to shop.

Key Takeaways The Fed cut interest rates yesterday, which may be welcome relief for homeowners hoping to refinance their mortgages and secure lower rates.The Fed does not directly impact mortgage rates,

If you have a mortgage rate of 6.9% or higher, have a good credit score, and at least 20% equity in your home, it could pay to refinance.