If you have more than a 2 point spread may want to consider refinancing. Just a heads' up for my buddies here.

Our market is busy..not much inventory except for short sales.Low Supply and High Demand. Good indication.. prices go up and
then rates... just sayin'.. this has been my experience these last 30 years in my Tampa Bay marketplace.

Great thread, REL! I, too, have been wondering about the same thing!

We recently got ours reduced a half point, signing closing papers this evening (3.5/30). Reduced half point earlier this year too. We have only owned this CO home for 2 years (3rd closing).
No fees at all to us either time, but one's credit numbers have to be high.

Don't anticipate these low rates ever again, so if you can...at least look into possible refinancing, whatever your higher, current rate?

Sounds like you were smart, Conrad! Locked at 3.50 with no closing costs...

I can't decide whether or not to pursue a re-fi as ours is currently 2.875% but it is an adjustable....

Decisions, decisions ~ what do the rest of you think?

Each situation is different. DH likes the 30 yr fixed because the payment is lower than 15 yr. Will be able to pay it off once we are down to one home in a year or two. With fixed rates so low, never even considered an ARM mortgage??

If you plan on keeping the mortgage very far into the future, then a fixed rate refi might be a good plan?

Oh...and shop around? Local lenders could not do the rates and no cost closing, which the one we found could.

This message has been edited. Last edited by: conrad,

Idaho - yes I would re-fi...now... and shop around - not on net- but local lenders -- start with banks before brokers. Careful on Closing costs.

Vertex did both of our refi's. And they were off the internet & well rated.

We'd love to refinance but can't at this time. Mostly short sales and repos selling here.