A lot of people are talking about taking advantage of lower interest rates. Now, when the Federal Reserve lowers interest rates, what really happens is, that they’re lowering the interest rate on the the lending that they do to member banks. And these are the big banks that you’re likely very familiar with, the sort of big banks that have branches all over the world, and even in your neck of the woods. And so when people talk about refinancing mortgage loan products, they’re usually talking about taking out a new loan, paying off the first loan with those proceeds, and then making a go with that new loan. They do this for a few reasons. First off, with a lower interest rate, the new loan is much easier to absorb and pay off in the near term. In the long term, the transaction costs sort of nullify this point.