Is there anyone who is just waiting for the rates to hit bottom so they can refinance their mortgage and save some cash?

Will you be changing it from a 30 year to a 15 year loan?

How low will it have to go to be worth the refinance charges?

Yes, I've been checking on my mortgage lender's website almost daily!

From what I've read, it doesn't seem like they've hit bottom yet. I don't want to wait too long though.

I just checked today...rates dropped again. I found a 5.125/30 yrs./zero points!

We are watching too and holding out for 5%. I've got a call in to my mortgage guy right now actually.

Darn it, they are back up to 5.6 today. I was so close to 5% I could taste it! That is our magic number, so we won't do it for anything higher. I'll keep watching....

We refinanced in 2002 to a 30 year fixed at 5.87%. I'm not sure it would be wise to do it again unless we switch to a 15 year fixed at a better rate than that.

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Attaining financial freedom is like eating an elephant . . . it takes one bite at a time.

We just refinanced our home. We went for the 15 year loan at 5.0 %.
So, now we pay almost $ 200 more a month but our house will be paid off in half the time!!!

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I missed it....I was going to refinance at 5.125 with 0 points....now they are up. Looks like I really missed it! We are at 6.25...we would have saved 120/ month! WE called then I got distracted and at the end of market close teh rates went up and the pts went up! The forcast looks like they will continue to rise!

Last night I checked and found a 5.25 with 0 points..not too shabby. We are the unfortunate people who got sucked into a 3 year ARM that ends in Aug 2008 so we need to do something soon or be in big trouble. Looks like our mortgage is going to go up at least $400. Thank goodness for FTJ!

My bank has a 40yr 0 points/no closing costs which is very attractive so we will look into that, but I would rather not go there! We know we are going to be in this house for at least 20 years so we can be a little flexible.

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Married to DH since 2003, Mom to Tanner (3) and
Braden (2) Baby #3 due 3/13/09

6.25! Here they went up a quarter of a point but drifted down a tenth by the end of the day. I was not planning to refi but called lenders when I saw 4.75 Wednesday. I do wish I had grabbed it. I lay awake all night kicking myself when I saw they were back up to 5.00 (with a point).

One told me that it was more closely tied to bond markets and the Fed rate cuts usually feed into it later, a month to three down the line. The other told me to watch the stock markets. If they drop, mortgage rates are more likely to drop. (That seemed to be the case this afternoon.)