Fixed rate home mortgages should typically be refinanced when interest rates:

Refinancing a fixed-rate home mortgage is often beneficial when interest rates decrease. When rates fall, homeowners have the opportunity to secure a new mortgage at a lower interest rate, which can reduce monthly payments and the overall interest paid over the life of the loan. This financial strategy can result in significant savings, making it an appealing option for many borrowers.

Additionally, refinancing while rates are low allows homeowners to take advantage of better terms that may not have been available at the time of their original mortgage. This can also be an opportunity to switch to a different type of mortgage, reduce the loan term, or access equity from the home.

The other circumstances do not provide the same incentive for refinancing. If interest rates increase or remain stable, the motivation to refinance diminishes, as homeowners would not benefit from lower payments or terms. Similarly, minor fluctuations in interest rates, such as a change of 1%, typically do not warrant the costs and logistics associated with refinancing.