Mortgage Rates Dropping

[EthansMom]

Anyone else hoping/planning to refinance their mortgage this month?

I happened to check the rates with our credit union today and snagged a 5.125% (w/ no points) refi. We've got an ARM that is scheduled to reset in 2.5 years, so it's smart to refi. before then and lock in a low rate for the duration.

The word is that the gov't hopes to drive interest rates down to 4.5% this month. Our credit union allows a one-time rate reset for only $250 so locking now and watching for further drops isn't such a bad idea.

 

[PrincessKitty1]

Anyone else hoping/planning to refinance their mortgage this month?

I happened to check the rates with our credit union today and snagged a 5.125% (w/ no points) refi. We've got an ARM that is scheduled to reset in 2.5 years, so it's smart to refi. before then and lock in a low rate for the duration.

The word is that the gov't hopes to drive interest rates down to 4.5% this month. Our credit union allows a one-time rate reset for only $250 so locking now and watching for further drops isn't such a bad idea.

That's awesome, congratulations!

We refinanced a few years ago when rates hit 5%--our previous rate was 8% so we were very happy.

If the government would let me raid my 401K, I would buy a vacation cottage in a resort area in a heartbeat.