Any Rush to Refinace???

gt350mike · 03-06-2009, 08:31 AM

My wife and I have been watching the mortgage rates over the past few weeks and when she told me the other day that 15 yr rate was 4.25 I told her "You mean 4.75....." so after a brief discussion I called our mortgage broker and she said that it hit 4.25 a few days ago but its been hovering between 4.375 and 4.5 for 15 yrs. I know there isn't much difference between 4.25 and 4.375, but I wanted to see what y'all thought about the current mortgage situation and whether or not I should pull the trigger to refinance.
I can think of a few good arguments for 15 and a few for 30, but with the market being so flat I'm wondering what is the smart move.

FYI - Housing pricing in Huntsville is actually stable and in most cases, increasing. Our current mortgage has 27 years left at a rate of 6.0.........we don't have any plans to move for a LONG time.

onewhippedpuppy · 03-06-2009, 08:33 AM

I can't believe it's going to get much lower. A few months ago we refinanced our 20 year fixed to 5%. I suppose it might be a bit cheaper today, but not by much.

HardDrive · 03-06-2009, 09:42 AM

I am hoping that by summer, the refi rates will be -2%. I want the government to give me money to touch their money.

Neilk · 03-06-2009, 11:06 AM

I'm not sure how much lower they might go, but I am about ready to pull the trigger on a 30 at 5.125%. I've have wasted enough money waiting for them to reach 4.5% as had been floated to the press in mid December by the Treasury. Our current rate is 6.5% .

therotman · 11:50 AM

Quote:

Originally Posted by Neilk

I'm not sure how much lower they might go, but I am about ready to pull the trigger on a 30 at 5.125%. I've have wasted enough money waiting for them to reach 4.5% as had been floated to the press in mid December by the Treasury. Our current rate is 6.5% .

Shop around- you should be able to get 5% without paying points.

I'd refinance now- no telling when/if they might start to climb.

If you are in the 6's or higher and waiting to refinance because you think rates will drop farther you can find a lender who will pay all your costs and reduce your rate. You end up with a higher interest rate than if you paid your own closing costs but if rates drop it cost you nothing.

krichard · krichard's Garage

no time like the present. I'm closing Monday on a 15yr at 4.5% with no points. Its taken almost 2 months from initial loan application to closing because of the backlog though.....

widebody911 · widebody911's Garage

I just closed @ 5.0 with no points.