Consumption and Real Estate
Should I refinance soon or now since mortgage rates are dropping?
Question : Should I refinance soon or now since mortgage rates are dropping?
I bought my house in July for 210K. I put down 30K and mortgaged the rest with a 30 year fixed at 6.375%. My monthly payments now are about $ 1200. Should I refinance?
refinance mortgage rates
Best answer:
Answer by SusieQ
There is no real good answer to this. Rates are down now, and this MAY be a good time to refinance since some think that rates will go up as inflation hits because of all the borrowing the government will have to do. Are rates at the bottom now ?? No one knows.
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#2 written by watchoutJD 1 year ago
This is going to depend on the current value of your house. If it is worth less than you paid for it, you may have to come up with the difference, even though you had a good down payment. I would still say to see what kind of deal you can get, based on your home valuation. The good news is that you have a fixed rate and not an ARM.
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In recent years, there has been about a 1.8 percentage point difference between the yield on a 10-year Treasury note and 30-year mortgage rates, but gap currently hovers around 3 percentage points.