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Message
Refinancing my mortgage - To lock in or to not lock in.......
Posted on 5/20/13 at 2:19 pm
Posted on 5/20/13 at 2:19 pm
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.
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.
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!
Lock it in!
This post was edited on 5/20/13 at 2:28 pm
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.
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.
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?
what broker are you using?
Posted on 5/20/13 at 3:48 pm to lsu tigerdog
American Mortgage
Any events in the foreseeable future that will knock rates lower? Fed meeting? Unemployment numbers?
quote:
rates have been increasing the last 1.5 weeks
Any events in the foreseeable future that will knock rates lower? Fed meeting? Unemployment numbers?
This post was edited on 5/20/13 at 3:50 pm
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