by mary hodder
Question by : Thinking about refinancing mortgage?
I’m thinking about refinancing my 15 Year Fixed Rate. Our rate is currently at 5.3%. My gut feeling tells that it will probably get lower than what it is now but I don’t know what to do. Do you think I should refinance or wait a bit longer?
15 Year Fixed Rate
Rate APR Points
3.875% 3.956% 0.003%
Answer by chatsplas
It costs money to refi. How long will it take to recoup the cost of the refi?
Sometimes it doesn’t make sense to refi unless there’s a 2 point spread.
Sometimes it makes more sense to put extra money on the principal and thus reduce your interest payments.
Know better? Leave your own answer in the comments!