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Reply to "How low will mortgage rates go? "
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[quote=Anonymous][quote=Anonymous]My feeling, having lived dropping rates before, is on a refi always do a true no cost refi (where you get a credit, or negative points, not where you are rolling costs into the loan balance) and then do it anytime you can drop your rate a 1/4 percent or more (for free). Then you candecide whether to pay extra principal or switch at some point to a shorter mortgage. [/quote] +1. This is what we did on the way down last time around--we refinanced four times in the end. Two were no-cost refis and two had fees but the rate dropped enough to break even in less than 18 months. (In those two cases we also had the no-cost option but the rate was higher; in retrospect I'm glad we paid the fees for the lower rate but it wouldn't have made sense with a longer break-even period.)[/quote]
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