Do you think mortgage rates will drop lower? Or is it time to lock in?

s-man asked:


No mortgage sales people please
I’m thinking about refinancing. I have a 6.25, 30 yr currently.
If you’ve just closed on a mortgage, what’s your rate?

Roger

Tags: Mortgage Sales, Refinancing, Sales People

This entry was posted on Friday, April 10th, 2009 at 2:12 am and is filed under Mortgage Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “Do you think mortgage rates will drop lower? Or is it time to lock in?”

1. Judy Says:
   April 13th, 2009 at 3:28 am

   Joan

   I thought the prime rate is now pretty darn close to 0%.
   I heard on tv this might not last long.
   Watch CNN every day - the second news comes out about increasing rates - go house hunting.
   /

2. Real Estate Guy Says:
   April 16th, 2009 at 12:28 am

   Jeanne

   6.25% is really high. Even for a no cost refin. Your rate today should be around 5.5% to 5.75% with no cost.

   Talk with a couple of lenders to see where your local rates are.

   I’m refin with NO cost for 15 years at 4.75%.

   This week I settled 3 properties (purchase), all 30 year fixed with rates from 5% to 5.75%.

3. Expert Realtor Says:
   April 19th, 2009 at 12:42 am

   Hazel

   Are you willing to gamble in this market?

   People that did that are losing their homes right now.

   You can get a 5% or lower rate you need to lock in NOW.

   PS: If you are not going to be in the property at least 4 more years, you would see no financial benefit in refinancing. This is b/c the closing costs would offset any savings…refinancing isn’t free.