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Steve,
It is a 7 yr ballon. I never expected to be in the house that long...or rather I expected to move for my job. But as it turned out I didn't had to move.
Here's my thought. See if you industry guys agree.
With Dec., Jan. and Feb. being the slow months of the housing market (at least in this area), and with the economy being what it is, I think the next 2-3 months may see the lowest rates since the low back in late 2002/early 2003. Having said that I don't think this week's rates are at the trigger pull point yet.
Anyhow, over the last couple of years it's been apparent that I wasn't going to move out of the house, so I've been tracking the rates for the best time to pull the trigger. I'm not one to gamble on the house or mortage, so I've been seriously thinking about refi in the next couple of months. I'm thinking the rate at the end of December will be lower than what it is today.
Last edited by MotoSook; 12-01-2008 at 06:50 PM..
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