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Reply to "When to refinance"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous] Mortgage rates are based on the 10-year treasury. At this point, the 10-year has baked in several rate decreases already, so not sure it will move much when the Fed lowers rates.[/quote] ^ As an employee of a large mortgage provider, this is the correct answer. Also, almost done refinancing a 30y from 6.99% to 6.125% with no points. So, you are due up for a much improved rate if you are sticking with a 15y right now. [/quote] what about increase in timing and increase in loan balance for refi? [/quote] No increase in loan balance. Closing cost money that we had to bring to the table was just less than one mortgage payment, and we are skipping two months worth of payments due to the timing of the closing. We refi’d a 30y with another 30y, but have only had the house for less than a year so it works out to adding 8 months onto the life of the loan to get $150k in interest savings over the life of the loan. [/quote]
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