Financing in Raleigh>Question Details

Ncgrandfather, Both Buyer and Seller in Raleigh, NC

I'm thinking about refinancing my 30 year fix to a 15 or 10 year fixed, do you think that Rate's are going to come down even more.

Asked by Ncgrandfather, Raleigh, NC Sun May 13, 2012

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6
Kit Kat’s answer
According to everything we see recently, we have very little room to go much lower, although we're experiencing higher pricing for MBS this morning, which is good news for potentially lower rates. I'd say if you are a gambler, get a good loan officer that stays on top of the market and be ready to pull the trigger. If you're more on the conservative side, find a good LO and lock ASAP. I stay on top of the markets by the minute so if you're interested in talking call me mobile at 919-906-1373.
0 votes Thank Flag Link Mon May 14, 2012
There is a much better chance that rates will rise than they will fall! Consult with a couple of lenders and if refinancing is right for you, I wouldn't wait. Feel free to contact me via my website for some recommendations.
0 votes Thank Flag Link Sun May 13, 2012
Depends on the interest rate you're currently at, when you last refinanced, and the closing cost.
0 votes Thank Flag Link Sun May 13, 2012
I think we are at the bottom of rate drops and I think after the election there will be less reason to hold them down, so they might creep slowly up. Between now and December is your time to buy, refi or lock in that loan.
0 votes Thank Flag Link Sun May 13, 2012
Hello NCGrandfather,
Yes, now is an ideal time to refinance if your mortgage rate is higher than 4%. However; you must have built up enough equity in the home in order to do so as lenders have guidelines in place for this factor.

Why do you wish to refinance to a 10-15 year fixed when your payments would be lower refinancing with a lower interest rate on a 30 year fixed? I suggest that you contact a few lenders to determine what the best option is for you. Something to consider...

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sun May 13, 2012
I doubt they'll come down significant more. In fact, there really isn't room on the downside for much more of a drop.

Whether to refinance depends on what rate you currently have. But, assuming the numbers work out that it makes sense to refinance now, I'd do it now. Even if rates DO drop maybe another quarter of a point, you'll still be in a much better position than you are right now. And it's really impossible to call the absolute bottom of the market as far as rates are concerned.

Hope that helps.
0 votes Thank Flag Link Sun May 13, 2012
Don Tepper, Real Estate Pro in Burke, VA
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