Recent Interest Rates

[Pa Jayhawk]

Just thought I would point out for those who haven't seen. In the last week they have dropped the interest rates considerably, and they may likely be going down even more.

While we do not have a bad rate on our Mortgage, we started doing some calculations on refinancing and found that between the difference in interest rates and the fact that a new appraisal would eliminate the PMI from the mortgage. By going from a 4 years into a 30 year to a 15 year Mortgage our payments will only go up about 4% from where they stand right now. Granted we could likely eliminate our PMI even without refinancing, but it seemed like a good time to look as we are right on the border with the old appraisal value. That and the fact that we used to be on a 15, and we were a little nervous when we moved up here and went with a house just under twice the value of our old one so we decided to go on a 30. Ended up wishing we had gone with a 15 after all.

Still plan to wait a little longer, who knows we may be able to get into a lower payment on a 15.

Just thought it may be worth knowing for some of you. And no, I do not work for nor am I going to recommend a Mortgage company

[Clugnut]

I have an adjustable on a home equity right now, that I have the right to lock in whenever I wish. My wife wanted to do it last week, but I told her to wait a little. I'm glad we did, but I'm not sure that they are done cutting rates yet. I'm looking for at least another quarter yet. They'll keep putting band-aids on this economy until the election.