My dH is a REAL ESTATE APPRAISER. There is something that no one has mentioned and I think it may be something you should know.
Yes, rates have gone down..great...maybe not.
As the market is trying to adjust the values have also gone down.
Some may find that they want to refi only to find the value of the house has gone down not leaving enough or any equity or leaving them owing more that the house is worth.
People are floored sometimes...my dh looks like the bad guy and feels so bad but it is the value..he doesnt control that.
just last week this very thing happened.
A nice young couple wanted to refin. They bought this beautiful home with min down only 3 years ago. They bought the house for 650,000. The dh changed jobs and is making a little less. The wife is a nurse expecting her first child and wants to cut back hours. they were hoping that the refi would free up some cash...not so.
The house value is approx. 580,000. The homes around them are priced for sale in the med 5's and have been on the market for 9 months...
The bad news is not only did the cost of the home drop but they dont even qualify for the mortgage they have now so they cant refin for the same amount because the income is lower and the value is lower..scared1:
sadly the people that will benifit the most from a refin are the ones who will have a tuff time being able to do it