I'm currently paying 5.25% on my 30yr, and spoke with a broker this morning and I can get it down to 3.875%. Any hope we see lower rates in the next few weeks? She is telling me no, and I've worked with her previously (and is a friend of the family), but wanted to do my due dilligence.
I'm not in a position that I have to refinance, but if it's going to save me a substantial amount of money I'm going to do it.

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Posted by JPLSU1981

Baton Rouge

Member since Oct 2005

26206 posts

Posted on 5/20/13 at 2:25 pm to TJG210

rates will never be lower than they are right now. The federal funds rate can not go any lower than 0. There is only one direction rates can go at this point ... Up.

Lock it in!

This post was edited on 5/20/13 at 2:28 pm

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Posted by keeton350

Member since Nov 2005

596 posts

Posted on 5/20/13 at 2:36 pm to JPLSU1981

They were goin down every week for about 3 or 4 weeks, untill a week or 2 ago . Then they started going north slightly. I would lock.

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Posted by TJG210

New Orleans

Member since Aug 2006

28332 posts

Posted on 5/20/13 at 2:51 pm to JPLSU1981

quote:
The federal funds rate can not go any lower than 0

Understood, but it also can fluctuate based on other things such as what traders on Wall St. are buying. When I was on the phone with the broker I had her look up a 20yr and it was more expensive than the 30.

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Posted by lsu tigerdog

Baton Rouge

Member since Nov 2007

246 posts

Posted on 5/20/13 at 3:33 pm to TJG210

i'm a broker, 20 yrs is generally an 1/8 better. lock in - if a conventional refi, rates have been increasing the last 1.5 weeks.
what broker are you using?

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Posted by TJG210

New Orleans

Member since Aug 2006

28332 posts

Posted on 5/20/13 at 3:48 pm to lsu tigerdog

American Mortgage