Fed rate and Mortgage interest rate, help please.?

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Using the figures you provided if you take the 159,000 and 25,000 you have $184,000 at 5.75% for 30 years and your approximate payment P & I is $1074.00 per month.

Taking your $159,000 at 4.5% on a 20 year loan your P & I payment is approx $1006.00 per month. If your loan contact can't get a 20 year for you, go to one that will.

Fed rate and Mortgage interest rate, help please.?

You should get another quote. You cannot possibly make such a decision based on one single quote. I don't know your financial situation or what you qualify for, but I'm guessing that if you qualify for 5.75% you probably have great credit. Currently rates are lower than that and you could potentially lock a 5.25% rate right now. Shop around and make sure you have investigated all of your options.

If I were you I would refinance all of it into one low rate.

Also, Fed rate cuts do not affect long term mortgage rates so waiting for that is of no consequence. In fact, historically Fed rate cuts have moved 30 year fixed rates higher as the dollar weakens. Long term mortgage interest rates are mainly influenced by the bond market.

Fed rate and Mortgage interest rate, help please.?

First, How much is the home worth? That would really help determine what your best scenario is. Secondly, as the other poster wrote, you may be able to get a lower rate than 5.75%. That's absolutley true, but at what costs? The closing costs will certainly go up substantially. Thirdly, The Fed lowering the prime rate has ZERO effect on morgtage rates. It effects car loans, credit card rates, and Home equity lines of credit.

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Fed rate and Mortgage interest rate, help please.?

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