Falling Mortgage Rates

[bjarvis]

With the recent plunge in mortgage interest rates, I thought I'd check to see if it's worth refinancing.

We currently have 5.25% fixed rate on a 15 year mortgage, last refinanced in 2005. The current lowest rate I can find for a similar mortgage is 4.875%. While the rate is lower, it's not really worth the fees and headaches.

When it drops to 4.75% or lower, I'll take another look.

Comments

[billeyler.livejournal.com]

We just refinanced in August and we're already looking again. We've got a 6.375 on a 30 year.

[moofedct.livejournal.com]

I saw 30 year fixed hit 5.1% today. My ARM is at 4% right now for the Fremont condo.

You might check out BofA's offers if you haven't already; they're very often the best in the industry. They will sometimes offer no closing cost deals.

/shrug

[bjarvis.livejournal.com]

I haven't looked at specific firms, just a few stats aggregators like Zillow's mortgage board.

I'll check with National City (now PNC) first since they currently hold our mortgage and we might be able to skip some of the administrative fees. Next up would be Wachovia (now Wells Fargo) as they have our checking accounts, savings accounts and home equity line of credit. Thanks for the tip on Bank of America!

[dr-scott.livejournal.com]

The Fed has plans underway intended to get the rate down to 4.5% in a few months. So wait.

[bjarvis.livejournal.com]

I'm in no rush. I heard about the Fed's plans, but I also heard about a stack of conditions that effectively made the 4.5% rate a special case. We'll see how it goes... we're in no rush as our current rate is still good for us.

Besides, it's really dumb to apply for a refinancing when all three members of the household would technically be unemployed. :-)

[rootbear.livejournal.com]

All three? Kent is no longer with what's-their-names? I'm out of touch...

[bjarvis.livejournal.com]

I'm technically unemployed from Dec 20 to Jan 4; my new job starts Jan 5, 2009.

kent4str's firm is down-sizing. His job has been chopped, along with several others. They're being incredibly generous with the severance package though and he has interviews lined up so we expect him to be gainfully employed again very soon.

cuyahogarvr has a fulltime job just keeping us from wallowing in our own filth. Alas, the pay for that sucks.