I would think you can do better than 5.5%. My ARM from five years ago was 4.65%. Believe me, it makes a HUGE difference every month. This got my monthly mortgage down to about $815, whereas it probably would have been $900/mo. or more at your rate.
I would wait because Congress is working with the transition team on pressuring the fed to reduce rates even further as part of an economic stimulus package in the beginning of the year. They are bantering about a 4.5% rate for homeowners with good credit, no missed payments or default and a decent fico score. It is almost a reward for those that played by the rules, didn’t speculate on the value of their homes and didn’t purchase more home than they could afford. The thought is that the reduction in their mortgage monthly payment will enable these homeowners who do have money to stimulate the economy by spending the difference in what they are paying to what they will pay.
The national average rate on 30-year, fixed mortgages was 5.06 percent on Wednesday, according to financial publisher HSH Associates — the lowest since the 1960s and down from 5.3 percent Tuesday
6 Responses to Is a 5. 5% Mortgage Refinance rate good – or should I wait?
ClarkWorld
May 15th, 2010 at 10:05 am
I just got offered 5.00% with no points so there is better deals to be had.
Question man D
May 15th, 2010 at 10:52 am
better question is, can u afford a refinance… do u kno bout the fees that go with a refinance? if not, start doing some research….
golferwhoworks
May 15th, 2010 at 11:45 am
great rate. it may drop or it could just as easily climb as well
petleoparddotcom
May 15th, 2010 at 11:50 am
I would think you can do better than 5.5%. My ARM from five years ago was 4.65%. Believe me, it makes a HUGE difference every month. This got my monthly mortgage down to about $815, whereas it probably would have been $900/mo. or more at your rate.
eskie lover
May 15th, 2010 at 12:09 pm
I would wait because Congress is working with the transition team on pressuring the fed to reduce rates even further as part of an economic stimulus package in the beginning of the year. They are bantering about a 4.5% rate for homeowners with good credit, no missed payments or default and a decent fico score. It is almost a reward for those that played by the rules, didn’t speculate on the value of their homes and didn’t purchase more home than they could afford. The thought is that the reduction in their mortgage monthly payment will enable these homeowners who do have money to stimulate the economy by spending the difference in what they are paying to what they will pay.
PluT0
May 15th, 2010 at 12:39 pm
The national average rate on 30-year, fixed mortgages was 5.06 percent on Wednesday, according to financial publisher HSH Associates — the lowest since the 1960s and down from 5.3 percent Tuesday