After Quicken denies you or tells you that you don’t qualify for rock bottom rates, get some straight talk!

No one knows where rates will be in January 2008. If they did, they would be investing in the bond market and making millions!

As a matter of fact, when the fed cuts short term rates it doesn’t always impact rates on a 30 year mortgage!

6.5% isn’t bad right now and refinancing is expensive. You need to sit down and discuss things with a mortgage professional. There are a lot of factors that will influence your decision!

Some of these factors include:
-Current loan to value (Paying mortgage insurance?)
-Length of time you plan on staying in the home
-Assets

Makes no sense to refinance if the rate drop is not over 1% because of the costs associated with it, not to mention in todays market your house may not be worth what it was if it was a recent purchase

You can get 5.99% on a 30 year fixed for 0 points today.

Of course, this depends on a few factors you didn’t provide - credit, income, assets, loan-to-value, debt-to-income ratio. No one can predict where rates will be in January, but below 6% is available today!

Included a website for you.

yes, wait - they will drop to historic lows in early and mid 2008

Fixed Rate loans are lower then 6.5% right now but not as low as 5.9%. But then aagain, it all depends on your credit and debt to ratio as to what kind of rate you can get.