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Mortgage rates are so low (Original Post) brokephibroke Mar 2020 OP
One caution... that's probably just for purchase money FBaggins Mar 2020 #1
Old rule of thumb for refinance was,,, mitch96 Mar 2020 #2

FBaggins

(27,698 posts)
1. One caution... that's probably just for purchase money
Fri Mar 6, 2020, 09:49 AM
Mar 2020

There’s a larger gap between the 10-yr treasury and 30-year mortgage rates than is normal... but there appears to be a MUCH larger gap between mortgages made to purchase a home and those for refinancing.

mitch96

(14,651 posts)
2. Old rule of thumb for refinance was,,,
Sat Mar 7, 2020, 07:35 AM
Mar 2020

If the interest rate is 1 or 2% below what you are paying now and if you can ameratise the closing costs in two years...
The basic formula is: Closing costs ÷ monthly savings = break even point.
YMMV, talk to your financial advisor before committing any money
m

Latest Discussions»Culture Forums»Personal Finance and Investing»Mortgage rates are so low