Should I refinance now or later this year?
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M$3 Answers
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M$You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
The Federal Reserve Bank has already announced their intention to drive 30 year mortgage rates down to 3.5%.
Personnally, I doubt if they can reach this goal but I do beleive they acheive a 4% rate. The problem here is that due to the lag times involved in economic manipulations this will take 18 to 24 months to acheive.
I personally intend to refinance when they hit 4% but I am retired and don't have to worry about being laid off.
If you can reduce your payment by enough to pay off your refinancing fees in 18 -24 months, go for it now. If they do hit 3.5% in 24 months, and you still have a job. do it again then.
27 years a banker. Now a CNBC addict.
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M$
Good answer. I agree