Those in the US following the Mortgage Rates

[_Joe_]

I almost refinanced my home lown last month, but decided against it as I didn't really feel kosher starting over a loan.

Then today they are hinting the Feds force it lower, down to maybe 4.5 area.

http://www.msnbc.msn.com/id/28045659/

Huzzah I say. I may refinance after all soon enough.

[justafriend]

The bad thing about refinancing is you have to start paying that interest all over again.

[_Joe_]

True, however the honest hard working bill paying person that istrying to make ends meet can probably get a lower payment and stay where they are.

Interest is tax deductible.

If you're planning on selling the house in 5-10 years, then who cares if its a new 30 year old and its valued for more than you're getting the loan for...

[guycurious]

It makes financial sense to refinance your mortgage if:

Your new payment will be lower.
You are going to occupy the house for at least 5 years.
You will recoup all costs within the time you will occupy the house.

Most say you will need to lower your rate by at least 1% to make it worthwhile. It also depends on your loan balance. We have a balance of 130K on our house at a rate of 5 5/8%. We have a 30 year loan with 26 years to go.

If rates do get down to 4.5% I will probably refinance if the costs are within reason. These days you need good credit to get a loan. Lenders have finally learned not to give loans to just anyone who has a pulse.

[Doggie_Wood]

I locked mine in at 6.25% fixed 30 yr in 2000 when the house was built.
Now that I'm selling it I won't refinance it.
Yet in 6 months, if it has not sold, I would re-look at the refinance
and probably become a landlord.
Sheeesh!! More friggin paper work and taxes to pay.:eek:

:doggie:

[_Joe_]

It makes financial sense to refinance your mortgage if:

Your new payment will be lower.
You are going to occupy the house for at least 5 years.
You will recoup all costs within the time you will occupy the house.

Most say you will need to lower your rate by at least 1% to make it worthwhile. It also depends on your loan balance. We have a balance of 130K on our house at a rate of 5 5/8%. We have a 30 year loan with 26 years to go.

If rates do get down to 4.5% I will probably refinance if the costs are within reason. These days you need good credit to get a loan. Lenders have finally learned not to give loans to just anyone who has a pulse.

Ya think ?

File an application on Lendingtree.com and watch the dozens of people pre-qualify you and call all day ready to mail you the paperwork to sign.

There's banks still trying to do it. It's sickening.