Question by ricko: How low can we expect interest rates to go? I am thinking about refinancing within the next 6 – 12 mos.?
I currently have a mortgage loan at 5.75% opened in 2003 for 165,000 and 30 yrs. I also would like to obtain maybe 25 – 30k when I do refinance so I am hoping rates will near the 4.75% range or lower.
I wonder if rates will go lower this year…
Answer by sassy2
No. Now is when they start climbing since this becomes the busy season for home buying.
Add your own answer in the comments!
I would have to say we are at a low point. For them to go even lower, something drastic would have to happen…refinancing with anything in the fours is a great rate. Do it now before its too late. Just be sure to shop around. Check out bankrate.com to compare rates.
Mortgage refinance of a property is quite hassle free and usually a good idea to save money.Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property.
There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster.