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Mortgage Questions"The 30-year mortgage averaged 5.01% for the week ending Jan. 8, down from last week's 5.10%." I'm waiting for at least 4.5% but hoping for 4.25%. Any speculation on how low the rates will drop to? I'm at 5.5% now on a 30 year fixed that I got 5 years ago. I want to refi- and don't want to miss the boat, but a .5% decrease isn't enough for me yet or should I just jump on it? I also heard that some lenders will "allow" you to "float" to a lower interest rate if you refi and the rate drops again within a certain time period. They'll allow you to do this once or twice during that time period. Is this true? Have you heard of this? Do you know what the qualifications are? Who does this? (heard Chase, but it may have been a special privilege) Also, any good recommendations on a lender to go? Obviously, pref is to have no points. No fees also would be even better. charlie Are you going to be able to refinance without increasing the terms back to 30 years (or whatever term you had before)? Had you been able to keep your remaining terms when you refinanced before? Chieh Cheng ??? that's not how refi's work. at least none that i've ever heard of. a refi generates a brand new loan, so you're usually stuck with the lender's standard loan packages, which are generally in 5 year increments, 5, 10, 15, 20, 25, 30, etc. sometimes 1 and 3 year too. but i'm sure they can work any terms you want depending on the lender. but nope, if i refi, i start over at 30. charlie That's what I suspected. In that case, have you calculated it out Chieh Cheng points, app fee, appraisal fee, doc prep, etc. etc. see refi calculator: gnowk From what I read in financial magazine, it's only worth refinacing if the new loan rate is .75 to 1.00 percent less than the old loan. The bank makes too much money from all the fees. S S's right. it's what I was told too. sarcast well ideally, i wouldn't pay any points and if you look hard you can find those that charge no fees. typically this was places like wamu, but well... no sense talking about the past. =T charlie I don't quite understand. Perhaps you can show me the numbers to the I think, for me, the bottom line is all about the numbers. I guess Chieh Cheng ice cream? yum. when i bought my current home, my lender wells fargo didn't lock in the rate until he felt that it was low enough. we started at a time when it was 6.25% and he waited until it floated down to 5.875%, he said at the end of last week he could get me 5.25% with no fees b/c the fees are built into the rate. he could get me 4.75-4.875 with points. i tried to see if i could refinance my first home but he said that since it was an investment property, he could only get me something like 5.5-5.875%. SL Just wonder . . . what was the time frame when this went down? Chieh Cheng in october sometime. SL
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