Look for published rates.
The business section of your newspaper (national or local) contains up-to-date information about current mortgage refinance rates. Try to check these figures for a period of time to see where fluctuations are headed. Major fluctuations on interest rates that go in your favor could be a good sign that it's time to seriously consider refinancing.
Regularly communicate with mortgage brokers.
Your friendly mortgage broker can be a very useful source of information about current mortgage refinance rates. That is why it's a good idea to build a relationship with them. Brokers keep a close tab on the current market trends and could offer you some valuable advice regarding your loan.
Take note, however, that current mortgage refinance rates are not absolute values. The rate you will receive will depend on certain factors, such as the home equity you've built up, your credit history and your behavior as a payer. If you've messed up your most recent credit history lately, you might not get the low rates being made available at present. Conversely, if you have maintained a good credit standing, you could look forward to enjoying low mortgage refinance rates currently being offered.
The good news, however, is that it is possible for you to negotiate the current mortgage refinance rates with your lender or mortgage brokers. Talk to several mortgage brokers at one time and let them give you their best offers. If you like, you could even let them compete for your business. By doing so, you could use the present rates to your advantage.