Before considering home refinancing in Nebraska, home owners should know their home values. Home values in Nebraska hover around $107,900, whereas homes in areas such as Lincoln (68501) value at $134,700 and in Omaha (68101) $151,100. Home owners should also understand how to effectively compare mortgage rates from different lenders throughout Nebraska. The first step is to understand the difference between a fixed and adjustable rate Nebraska mortgage. An adjustable rate mortgage (ARM) provides a lower interest rate initially with the rate fluctuating later based on market changes. The rate in a fixed rate product may be a littler higher than the ARM but stays the same throughout the life of the loan. Currently, rates for a 30 year fixed product in Nebraska are 5.28% APR and 3.92% APR for a 5/1 ARM. In addition to lowering their monthly mortgage payment, mortgage refinancing comes with other benefits for Nebraska home owners. The IRS allows Nebraska home owners to deduct interest, points and property taxes, which can result in considerable savings. When it comes to home sales, the median state-wide home sale price is $141,200. Like property values, home sale prices also vary. For example, homes in Waterloo (68069) have sold for $670,000 but also $150,000. Homes in Ralston (68127) have sold for $254,000 and $139,000.