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.
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3 comments:
Okay, so please post when that happens and what bank you are talking about! We are thinking about it too!
Hey, we're Megan's friends and we're thinking about refinancing, too. And we've only been in our house 6 months. Let us know what you find out.
I check Bankrate.com every once in awhile. They list the best rates. Today they have a 15 year fixed from Quicken at 5.125%
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