If you plan on staying in the house for a long time (15 years or more) it is probably worth while to buy down the rate. If there is a chance you may be selling in the near future (3-7 years) you are probably better off not buying down the rate. This is because buying down the rate will save you money in the long term but not in the short term. This is also and simply a matter of personal preference and limited to your budget/financial standing.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783