Falling Mortgage Rates
Dec. 18th, 2008 10:24 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
bjarvisWith 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.
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.
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no subject
Date: 2008-12-18 05:38 pm (UTC)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
no subject
Date: 2008-12-18 06:13 pm (UTC)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!