As the country moved to reduce the spread of coronavirus by shutting down non-essential businesses, millions lost jobs — and without income, many homeowners are concerned about their ability to pay their mortgage. In fact, in Bankrate’s latest survey, 54 percent of borrowers expressed concern about making payments. Meanwhile, those still able to pay their mortgage may have a higher-than-average interest rate, preventing them from saving. Bankrate’s recent homeowner’s savings survey found that most homeowners, 77 percent, say their mortgage payments negatively impact their ability to save for retirement. “Big mortgage payments take a bite out of your monthly income but are also a major obstacle to saving for retirement, emergencies, or other financial goals,” So What can mortgage borrowers do? If you haven’t already, contact your mortgage company and ask about your mortgage relief options like a forbearance. If you’re still able to make mortgage payments, consider reducing them by refinancing your mortgage for a better interest rate. Right now, the average refinance rate on a 30-year fixed-rate mortgage is at historic lows. Be sure to compare refinance rates and use a refinance calculator to estimate your potential savings.