I am wanting to refinance my mortgage to consolidate my land and mortgage payments and to lower my payments. Do you think it is a good time or do you think the rates will drop again soon? Thanks for your replies!

Does anyone have facts that it will drop or rise soon?

 

I doubt they will go down much, if any more. More than likely, due to the inflation rate, they will go up as the prime goes up.

 

So no hope of them going down anymore?

 

No, they have already started going up.

 

From what I have read, the Fed has nixed anymore rate drops...probably see them climb a lttle bit down the road. Do you know of a realtor or somebody who you can talk to about this?

TSC

 

I just refinanced and dropped from 9.75 down to 6.75. The first loan was a 100%finance deal and I got F'd on interest bad. Since we moved in last july we have replaced every floor in every room, tile in the bathrooms, carpet in the bedrooms and laminate everywhere else. We've also painted throughout and hung some crown moulding. The home inspector came last month and said the condo we bought for 136,000 is now at 145,000.

 

I've been looking for a place for 3-4 months and the rates have went up a full point since and I expect, as does my mortgage officer, to see rates go up in response to the Fed trying to curb inflation. IMO Lock in for anything under 6.5 w/o points.