Refinance Mortgage Quotes
Should I refinance now? Or will the fed rate cuts (I hear there will be more) mortgage rates drop more?
This is not a jumbo loan, and I spoke with a mortgage guy who quoted me at 5.5 to 5.75%. Just not sure if it will go down more.
It is my experience rates for real estate tends to be the lowest in the months November, December, January and February. I suspect that the reason for it is during these months the demand for houses and Mortgage money is lower. When spring market begins, generally mortgage interest rates go up, probably because of the increased demand Mortgage after money .. I'd estimate that we are probably at the bottom or very close to the Residential Mortgage interest rates this year. interest rate, you mention if it is a 30 Permanent years, points and no fees does not sound very good. I would get this rate and lock it away. I've found that trying to pick the absolute bottom price on interest rates is like playing the children's game "musical chairs". You do not know exactly when "music" will stop. You want to make sure that you have a "chair" when the music stops. " The same is true of interest rates. "Music" stops at this time every year. I do not know exactly when "music" will stop, but I know that "music" will stop very soon. I recommend you grab a "chair" now. In this case I recommend you get this rate because the rates will start goiing up very soon. (Edit) I can see that some people above me saying that they know less tariffs. In my experience many people in the Mortgage Industry is bait and switch artists. They offer ridiculously low prices to get you to sign up with them and then they change you to a higher rate. If the person you are dealing with is someone you know to be honest I would stay with them and take this offer. A 30 year fixed at 5.5% or even 5.75% no points no fees is a very good price. I would not go hunting the rates below 5%, in my experience they are not. This is just bait to roll you from switching you to a higher rate later when it is too late for you to do something about it. I recommend going with the guy you've got. (As long as you know he is honest) Do not go for less than 5% bait, or you may end up with a hook in the mouth, and believe me it is not fun.