By Terry Savage on March 26, 2024 | Housing / Real Estate

Hello – we have 7.2% 30-yr fixed mortgage. Rates are starting to drop. We would like to refinance ,put more money down on the house for a lower mortgage and monthly payment. is it a good time to refinance or should we wait for rates to drop more?

Terry Says

That’s the $64 trillion dollar question! No one knows for sure when rates will drop, or when the Fed will start cutting rates. But right now, your mortgage is about what is being charged for a 30-year fixed rate, so it doesn’t pay to refinance just to drop the rate a tenth of a percent!
Wait till lower rates are making headlines. No idea when that will happen.



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