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Shoot, I see rates of 3.5% and and 3.25% and am annoyed that we only got 3.875% on our 20 earlier this year. We have been in the house a little over 5 years and refinanced twice already. 6.5--> 5.0--> 3.875.
We thought it wouldn't go lower than 5, so we jumped on it. Our payment today is about what it was when we got the house 5 years ago and we shaved 5 years of payments off the loan.
These low rates are going to create a class of homeowners that will never move, upgrading to a new house with higher principal and going from 3.5% to 5 or so will dissuade all but the most desperate from moving.
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Neil
'73 911S targa
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