Question by chitownlifer: Anyone think mortgage rates will drop further or have they bottomed out?
Want to refinance 1st mortgage which is currently at 6.65 % and 2nd mortgage is at 8.88%.
Answer by pinky
Don’t ask me. Some years ago I said we’d never see single digit first mtg’s again.
Know better? Leave your own answer in the comments!
looks like the US is headed toward a recession.
I would think lower rates are likely.
they will drop further. I’m waiting until this summer to refinance myself.
rates will be cut a quarter point next fed meeting
No one can say for sure – my guess is they will decline a bit more. Many people incorrectly think that they track directly with the fed funds rates – not true.
You are paying pretty high interest now.
No one knows for sure, but I am not expecting a sufficient drop in rates.
I would refinance now in your shoes, you are paying lots of extra interest and waiting and hoping to save makes no sense when you can save today.
short term rates will drop to 2.5 % this year so long term should also drop. I would wait
The Fed is contemplating on cutting rates again –