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Is now a good time to refinance mortgage?
Posted on 7/13/15 at 1:22 pm
Posted on 7/13/15 at 1:22 pm
How fast will the mortgage rates increase as the fed hikes up the interest rate? Also do mortgage rates go up by the same amount the fed hikes the fed funds rate or could it go up more?
3
Posted on 7/13/15 at 2:48 pm to Street Hawk
They have been threatening rate hikes for at least 2-3 years now. Now is as good of a time as any.
ETA: What is your current rate?
ETA: What is your current rate?
This post was edited on 7/13/15 at 2:50 pm
Posted on 7/13/15 at 2:57 pm to AUjim
3.125% for a 7/1 ARM that began in January of this year.
Posted on 7/13/15 at 3:29 pm to Street Hawk
you need to ride that rate for a min of 5years. the point of an arm is to take advantage of the low rate for at least 5 years.
Posted on 7/13/15 at 3:55 pm to hawkeye007
I'm averse to adjustable rates. Either I'm not smart enough to work them out or too much of a p*&sy to go for it.
At some point, rates WILL go back up. 4-ish % available right now would not be a bad rate to be locked into for the next 30, or even better 3-ish for 15 years...
At some point, rates WILL go back up. 4-ish % available right now would not be a bad rate to be locked into for the next 30, or even better 3-ish for 15 years...
Posted on 7/13/15 at 5:39 pm to Street Hawk
The interest rate isn't going anywhere worth refinancing. I would wager large sums of money the smart move will be another arm in your future.
Posted on 7/13/15 at 5:58 pm to hawkeye007
quote:
you need to ride that rate for a min of 5years. the point of an arm is to take advantage of the low rate for at least 5 years.
Why do you say we have to ride the rate for a min of 5 years if I can refinance today and get an even lower rate (possibly)?
We bought the house in May last year. At that time we went with 4.25% for 30-yr fixed. Then in December last year as rates were dropping we made a decision to go with 7/1 ARM since this is just a starter home and we weren't sure we'd keep it long term and decided to lower our monthly payments.
Posted on 7/13/15 at 8:23 pm to Street Hawk
Stop refinancing if you don't plan on staying very long, the closing costs and fees will eat away any savings you get in a reduced interest rate
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