Help Me Understand My Mortgage Re-fi Options
December 4, 2008 5:33 PM Subscribe
We're refinancing our home mortgage and want to know if you think we should jump now or wait, considering recent news about mortgage rates dropping further based on supposed guarantees by Freddie and Fannie.
posted by terrier319 to work & money (4 answers total) 3 users marked this as a favorite
This is a jumbo loan ($600K+) ... the current rate we are quoted is 5.5% for a 5-year adjustable, interest-only loan -- down from 6 and an eighth just a few weeks ago. There are no penalties if we decide to re-fi again in the months ahead, but we obviously want to lock in at the best rate now. There were some headlines over the last couple of days about rates dropping to 4.5% or even lower. This is all mystifying to me because I'm not a numbers guy and I have no idea how to read the market. I concentrate on my monthly hit at that's all. Pull the trigger now or wait?