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

[dr-scott.livejournal.com]

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