Anonymous wrote:

Anonymous wrote:Wow that's an insane rate, no mortgage should be more than 4%

Tell me you're under 35 without telling me you're under 35.

Seriously. Wtf?

I am still looking for 5%!

Where are folks getting 4%?

Wait until 4%

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:anytime you can get anything below 5%, go for it.

Are people getting below 5% now? Looking forward to another cut in early November that should get some lenders close to that.

We refi last week and got 4.875% on a 15 year. Previously at a 30 year. I think rates came up a smidge this week.

Would you mind sharing your lender? Thanks.

Anonymous wrote:

Anonymous wrote:anytime you can get anything below 5%, go for it.

Are people getting below 5% now? Looking forward to another cut in early November that should get some lenders close to that.

We refi last week and got 4.875% on a 15 year. Previously at a 30 year. I think rates came up a smidge this week.

Anonymous wrote:anytime you can get anything below 5%, go for it.

Are people getting below 5% now? Looking forward to another cut in early November that should get some lenders close to that.

anytime you can get anything below 5%, go for it.

We are in a similar position OP. 6.8% rate but about 40% equity.

Likely will refinance by the end of the year. If rates go to 5.2% I think we hit break even at 18mos.

The old rule of thumb was to refinance when the new rate was 1% better. Nowadays, there banks/credit unions that do true no cost refinances. If you can save money every month without extending the terms, then go for it.

Anonymous wrote:

Anonymous wrote:Wow that's an insane rate, no mortgage should be more than 4%

Tell me you're under 35 without telling me you're under 35.

lol

You keep posting the same thing OP.

The Fed is meeting today and will be cutting rates by at least a .25.

They will provide guidance on future expectations assuming that things continue.

If the fed cuts by .5 pt, I would wait for this to filter through mortgage rates. It is not an immediate one for one.

Use a refi calculator and figure out when the break even is given the closing costs you'll incur. It generally works out that it is worth doing a refi when the delta between your existing rate and the new rate is 1% or greater. We're entering a cutting cycle today, so it might be worth dragging your feet a little bit on it. Rates will continue to drop at least for the next 12 months. Also consider that it takes a couple months to refi, and a lot of companies let you do 1 rate adjustment while you are going through the process. Maybe start in the spring