Last week Kris and I went to refinance the house. I had been watching rates for a while and they have been slowly creeping up since mid Dec. There was a day back before Christmas where the rate for a 15 year mortgage was 4.5%. What a drag that I missed that!
We were able to drop a full percentage point. Although, if we could have got in a week before, we would have been able to drop 1.25%. In fact, when we sat down the guy looked up the current rates, and by the time we had finished, he came back and had to redo the good faith estimate because the rate had jumped an eighth of a point while we were completing the application. That totally sucked!
Kris had heard something, I think it was on Fox, how some anylists were predicting rates would drop to in the neighborhood of 4%. We'll just have to keep an eye on it later this year, and if it does drop that low, we can always refinance again.
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