Should I refinance now? Or will fed rate cuts (I hear there will be more) drop the mortgage rates mo
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In this case I recommend that you grab that rate, because the rates will start goiing up very soon.
(edit) I see that some people above me say they know of lower rates. In my experience many people in the Mortgage Industry are bait and switch artists.
They offer ridiculously low rates to get you to sign up with them and then they switch you to a higher rate. If the person that you are dealing with is someone that you know to be honest I would stay with them and take that offer. A 30 year fixed at 5.5% or even 5.75% no points no fees is a very good rate.
I would not go chasing the rates below 5%, in my experience they do not exist.
That is just bait to reel you in to switch you to a higher rate later when it is too late for you to do anything about it.
I recommend go with the guy you have got. (as long as you know that he is honest)
Do not go after the under 5% bait or you may wind up with a hook in your mouth, and believe me that is no fun.
Should I refinance now? Or will fed rate cuts (I hear there will be more) drop the mortgage rates more?FED cuts have no direct impact on mortgage rates. They are very indirectly correlated. If that is what he quoted you then maybe that's the best he can offer you.
Should I refinance now? Or will fed rate cuts (I hear there will be more) drop the mortgage rates more?I heard that some banks were offering 4.99% on a 30 fixed, no closing cost loan.
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