Ack. I feel like I had a rug pulled out from underneath me. Last week I was looking at the mortgage rates at my bank, and I saw, with some measure of shock and awe, that there was a 20-year fixed mortgage available at a rate of 5% (no points). This was astonishing to me, and I was ready to jump.
However, I also had a real good feeling that "the Fed" was going to cut rates again, so I waited a few days. Sure enough, "the Fed" did cut rates, but going back to look at my bank, the rate was now up to 5.75%! I called the bank, and asked, "What gives?!" and the person on the phone was less-than-helpful and told me pretty much that what I saw that day was what I could have got that day and I was then out of luck.
So now I'm kicking myself. I could have cut 6 years off my mortgage (I'm 4 years into my current 30 year mortgage) for about $200 more a month (which I think we can do right now), and would have saved about $200,000 over the course of the loan if I had jumped when I saw the 5% rate.
Argh. Now I'm obsessively checking the stupid rates every day hoping to find some other freakishly low rate, and when it hits 5.125% or lower, I'm calling and making them lock it in.