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

[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.