To Re-Fi or Not to Re-Fi...That is the question!
Posted Jan 8, 2009 @ 8:33 pm, Viewed by 572 Visitors, Read 578 Times.2009 should be an interesting year for mortgage rates. The rates could well head lower than they are today and today they are at historic lows with the 30-year fixed rate at a low not seen since the 60s. So the question becomes for those who still have option arms do you refinance now or wait it out a bit.
Certainly that decision is based upon how much of a risk taker you are, although one would suggest that the prudent thing to do is keep it for the moment. For those with option arms ready to reset, whether they are tied to the LIBOR (London Interbank Offered Rate) or the one-year Treasury Bill, most likely they will see the reset substantially lower.
The key is to check your numbers closely before making any firm decision.
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Knowing that rates have come down since you wrote this post would you still recommend that those with ARMs stay put? Do you have a particular site that you use for home owners to do some prelim calculations about whether or not a refi is a good fit for them? I appreciate your post and look forward to hearing from you.