mortgage interest rate change?

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I have a mortgage on my body. When I bought my house 2 years ago, my mortgage rate was 6.25% in one year 30. fixed. Because my loan was in my case, I would not change the rate of refinancing versus the fall when interest rates a year later released. I had 1% of the loan amount (around $ 1,000) payable to the left and dropped my interest rate 5.125%. My monthly payment has dropped by about $ 120 per month and paid for itself within a year. Now a year later, mortgage rates are at my body for about 4.125% -4.375% depending on the day. I have two questions of principle. Is this a good idea, a new sentence to change now? … And mortgage rates are concerned will continue to decline below 4%.

  1. Reply
    April 30, 2011 at 1:04 am

    Yes especially if they only charge 1%. No they will not go any lower because lenders need to make some profit

  2. Reply
    Mel M
    April 30, 2011 at 1:41 am

    WOW! You got a great deal. If you credit union will allow you to do another modification like the last one, you should take the opportunity. You will not find a better option in the marketplace. Most other mortgage holders would make you reapply for the loan and go through the closing process again, which would cost much more money than 1% of the balance on the loan.

    It is highly unlikely the interest rates will go much lower than they are now, so I recommend you go for it.

    Hope this helps. Good luck.

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