We have a single-family home in CA. Current market value is $485,000. Our price was $460,000 (purchased in 2008). We have $365,000 mortgage balance (being paid off at a 30-year fixed rate of 6.00%). We have heard a lot about the recent ‘ultra low rates’.
Folks in the home refinancing business told us that the best 30-year fixed rate in our case can be as low as 4.375% (without zero point down but the lender fee could be as high as $3,000). Our friends said they think the 30-yr fixed rate would continue declining till it reaches about 3.
70% by year-end. We have near perfect credit scores.
What do you think?
Shall we refinance our home now or wait till later this year?