WE have a 6.25% for 30 years...I was hoping to snag a refinance at 5%...with minimal or no points for 30....any thoughts?

The Fed cut their rates by 3/4 a point today and is still predicted to cut again at the end of the month. So rates will almost certainly go down from where they were yesterday. It's definitely worth comparison shopping after the rates adjust, I would think (so in Feb).

funny how I saw this today. I got a mini-economics lesson today. I spoke to our mortgage guy bc we are closing on a property on sept30. I wondered if we should start thinking of locking in a rate.

He said that the mortgage rates arent tied to the prime but supply/demand and inflation. the fed cutting the rate only affects equity lines, credit cards, school loans, etc. he said we should watch the inflation rate/trend and call him weekly to see the trends. didnt affect the market much today.

For what its worth, he quoted us 6.125 today (maybe also bc DH's company does business at that bank). your rate is still pretty close.

Well that's sad mine is ag 6.5 too and I had high hopes.

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We were quoted 5.37% o points. So we are thinking about refinancing from 6.25% ....I was hoping it would go lower....but it may even go up despite the fed dropping the rates........

Yes and unfortunalty unless you have a crystal ball there is absolutly no way to know what the rates are doing from day to day even (I have had loans lock at a great rate and then go to an even better one by mid day next day, and I have had them lock at great rates and then jump a point the next day, there is just no way to know...we can guess, and we're usually about as right as the weatherman )

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The broker I've had several loans with quoted me 5.25%, zero points yesterday. I'm hoping rates go to 5%!

do you mind telling me where you are getting these quotes from? the bank or what mortgage?

i just refinanced in december for 5.75% 15 year fixed. And i thought that was good. now 5% is even better!

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Amber

Just remember when re-financing to figure in your out-of-pocket expense/closing costs to get into the loan. Sometimes it's not worth re-financing because the costs to do so and what you'd save in interest aren't that much or you might even end up paying more in the long run. Even if your monthly payment is less this can be true. So be careful!