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Old 06-17-2008, 06:57 AM
 
240 posts, read 1,184,596 times
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I purchased my first home last year. I currently have a 30 yr fixed mortgage with a 6.5 interest rate. My question is can anybody tell me what the current interest rate is now. I keep hearing about the interest dropping and this being a great time to refinance. I would like to take advantage of the market and any savings I can. Can anybody refer me to a lender who may be able to help me refinance and lower my interest rate. Or can you give me your opinions, is it even worth refinancing? Is it a good idea? I figure it can't hurt considering I have only been in my house a year anyway. I welcome all advice!
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Old 06-17-2008, 08:23 AM
 
Location: Oxxford Hunt, Cary NC
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I'm not sure who told you rates were dropping - I'm finding just the opposite. Rates have gone up quite a bit since I started seriously looking at homes back in April. It's definitely over 6% for a 30-year fixed - my last quote was for a 5/1 ARM at 5.75% with 1 point paid (new home purchase, not a refi).
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Old 06-17-2008, 09:53 AM
 
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You have a good deal right now.
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Old 06-17-2008, 10:00 AM
 
240 posts, read 1,184,596 times
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Yes,I see the rates have gone back up.
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Old 06-17-2008, 03:05 PM
 
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Generally the key time to refi is when interest rates have dropped at least 1% from where you currently are. You need that spread to justify the closing costs. 6.5% is a good 30 year rate
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Old 06-17-2008, 03:07 PM
 
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I check the rates daily. They were down to 5.5% several weeks ago, but for some reason have been steadily climing up to 6.75% today.
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Old 06-17-2008, 04:19 PM
 
Location: Chapel Hill, NC
1,105 posts, read 2,391,300 times
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Quote:
Originally Posted by upchurch View Post
I check the rates daily. They were down to 5.5% several weeks ago, but for some reason have been steadily climing up to 6.75% today.
Ugh, really? Glad I locked in @ 6% a few weeks ago (closing next Friday).
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