“Good time to refi my mortgage??”
We’re paying ours off today. Yay!
The fed rate cut has nothing to do with mortgage rates, although the mortgages right now are pretty darn low. We are refinancing at 5.1% and our investment properties at 6.75. I remember the recession of the early 1980s when the mortgage rates were between 18 and 21%. Nothing was moving.
Not yet, there’s probably another few months to go before things stabilize. I expect that as soon as I close on my new house in April, I will be shopping to refinance.
I am currently financing through the builders mortgage company and they aren’t the lowest available. I chose them because they pay $7,000.00 of the closing costs and gave me another $5,000.0 in decorating or furnishing allowance for using their company. I am essentially purchasing a NEW 6 bedroom 4 bath 3514 sq ft $276,000.00 house with NO money down.
Despite their slightly higher rate, those immediate financial gains were worth using them and then immediately refinancing as soon as possible.
Now is the time to but a NEW home, because the builders have already slashed prices to 2002 levels and are offering great incentives to but a new home.