Twoply 0 #1 January 24, 2008 The last time rates dropped, around 5 or so years ago, I bit on a refinance rate when it hit 5.75. I was at something like 8 at the time and I didnt think they would go any lower. THey dropped to around 4.5% in some circles. I was happy to save the money, but annoyed that I bit too early. The gambler's burden. This time I'd like to know if anyone here has some intelligent info or advice to pass along. I'm watching the rates closely, and taking advice from all angles. Pm's if you like! Thanks in advance! Mike Quote Share this post Link to post Share on other sites
billeisele 130 #2 January 24, 2008 It is real simple: the longer you wait to refinance, the sooner the rates will drop after you close YOUR loan. so PM me once you decide so that I'll know to wait a week Give one city to the thugs so they can all live together. I vote for Chicago where they have strict gun laws. Quote Share this post Link to post Share on other sites
Twoply 0 #3 January 24, 2008 Seems like the majority of the "experts" over a bankrate.com are thinking rates are going to rise very soon and this is the time to lock in. Quote Share this post Link to post Share on other sites
billeisele 130 #4 January 24, 2008 ask them how much of their own money they have invested in that predictionGive one city to the thugs so they can all live together. I vote for Chicago where they have strict gun laws. Quote Share this post Link to post Share on other sites
marks 0 #5 January 24, 2008 I believe it will drop another half point. Quote Share this post Link to post Share on other sites
Beerlight 0 #6 January 24, 2008 QuoteThe last time rates dropped, around 5 or so years ago, I bit on a refinance rate when it hit 5.75. I was at something like 8 at the time and I didnt think they would go any lower. THey dropped to around 4.5% in some circles.Quote Seems 5.75 is pretty damn good. I'd require a full 2 point drop below that before I'd refinance. Think we will see it down to 3.75? Prolly not, but here is to hoping! I bought last year, locked in 6%. IF I see 4%, I may refinance......... Quote Share this post Link to post Share on other sites squirrel 0 #7 January 24, 2008 i was able to lock in investment rental properties(non primary residence) at 6.25 in 2004... you just gotta run the numbers...see if the cost of refi is low enough to save money in the long run. and, set up a bimonthly mortage that makes two payments a month...its within a few dollars of makeing one...but cuts like a year off the end of your mortage. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites tigra 0 #8 January 24, 2008 I've been in the business a long time and I've never seen 4.5% on a 30 year fixed with no points. 5 years ago, about the lowest I saw was 5.5 and that sure didn't last long. Anything below 6% without excessive closing costs and no points is a good deal, same as it was 5 years ago. Quote Share this post Link to post Share on other sites PeteW 0 #9 January 25, 2008 Ha bought a house last year and paid cash. I dont have to worry about mortgage rates.I hate loans. Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. Insert image from URL × Desktop Tablet Phone Submit Reply 0 Go To Topic Listing
squirrel 0 #7 January 24, 2008 i was able to lock in investment rental properties(non primary residence) at 6.25 in 2004... you just gotta run the numbers...see if the cost of refi is low enough to save money in the long run. and, set up a bimonthly mortage that makes two payments a month...its within a few dollars of makeing one...but cuts like a year off the end of your mortage. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
tigra 0 #8 January 24, 2008 I've been in the business a long time and I've never seen 4.5% on a 30 year fixed with no points. 5 years ago, about the lowest I saw was 5.5 and that sure didn't last long. Anything below 6% without excessive closing costs and no points is a good deal, same as it was 5 years ago. Quote Share this post Link to post Share on other sites
PeteW 0 #9 January 25, 2008 Ha bought a house last year and paid cash. I dont have to worry about mortgage rates.I hate loans. Quote Share this post Link to post Share on other sites
