Asked by Paul Levine, Palo Alto, CA • Thu Aug 11, 2011
I bought my house in Feb '11. 7/1 jumbo ARM with a rate of 4.25%. My lender quoted me a new rate of 3.55%.
I'd have to pay 1/2 point in pre-pay penalty on the whole mortgage, but would break even within 9 months based on reduced monthly payments.
Seems like a good deal, no? Any benefit to waiting longer in hopes that rates will drop further?
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