I wish I had a crystal ball both for you and for me! I know mortgage people are quoting that 5% rate but its only for those with stellar credit. I've also heard that one has to put some skin in the game (points or buydown) to get that rate. Of course, one cannot have negative equity and the property must appraise.
About 2 wks ago the Treasury recently floated around the idea of a 4.5% rate in Jan. but that won't apply for refi's. I suspect if that happens refi rates will also hover around that figure.
If you need to wait until June so be it but in the meantime don't do anything to hurt your credit! And, should you be in need of an honest, trustworthy morgage broker associated with an extremely reputable direct lender bank just let me know. She can run some figures for you plugging in various interest rate scenarios.
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL 33496
I guess you're telling us you have a prepayment penalty?
There is a rumor that the rates will be forced to 4.5% but for how long? for what type of transactions? right now they're saying 4.5% for purchase only
We'll have to see what Obama brings ...
Is there enough equity in your condo to refinance anyway?