Should I refinance now or wait a little longer, to get a better rate.?

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I am going to refinance my house. For certain reasons I want a 5 yr. ARM, to get as low a rate as possible, without going to an interst only loan. I live in the Greater Cincinnati, Ohio area, specifically just across the OH state line, in Lawrenceburg, IN, 47025. So far the best offer I have is 5.375% with discounted closing of $ 575. This gives me a $ 700/mo. P & I payment, which is OK with me. With current economic conditions, and the Fed rates recently being reduced, and the stock market dipping as it is, some investors may be turning more towards bonds…which I guess could influence the mortgage rate market, and rates could go down even more??? So…I’m just wondering if I should wait a few more weeks or a month or so, before I pull the trigger, ot should I take what I’ve been offered and go with it. I don’t want to be greedy, but I do want to be prudent, and smart. Any thoughts???

4 Comments
  1. Reply
    SuperCactus
    April 29, 2011 at 11:02 pm

    Mortgage interest rates are probably going down another half point within the next 6 months. Why? Because your government is in panic mode trying to clear up the mortgage mess.

  2. Reply
    Attorney
    April 30, 2011 at 12:00 am

    I have seen 30 year loans recently at 5.125 %..

    DO not use an ARM if you can avoide it..

  3. Reply
    daeve930
    April 30, 2011 at 12:50 am

    You may have a reason to want an ARM, but with fixed rates as low as they are today, I can’t think of one. I’d reconsider if I were you.

  4. Reply
    Alan
    April 30, 2011 at 1:36 am

    It’s extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this natureenter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

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