Where readers ask and we try to answer. This one we’re actually doing for ABC7 News. David Louie is running a story tonight at 6pm, and was hoping we could help him and their viewers out. So….readers, and real estate peeps, don’t disappoint! ;-)
Given the fact that interest rates took another dip recently, and the stock market has rallied, when does it make sense for homeowners to refinance (assuming their loan will soon adjust), and interested buyers to finally purchase? We were wondering what the difference in some of your readers’ payments would be (up or down) should they refinance today, and if they watch rates religiously, hoping to time their decision perfectly.
Let’s see if we can get a good discussion going here.
The most recent mortgage rates:
6.0% for a 15 year Jumbo (loan amount >$417,000)
6.5% for a 30 year Jumbo
5.625% for a 5/1 Jumbo
5.875% for a 7/1 Jumbo
These numbers are from New Source Financial, and here’s a mortgage calculator to help you get started.
As we’ve said before, theFrontSteps is getting noticed, and Realtors and Mortgage Brokers involved with this site are seeing the benefits. Tim Wood is thanking us for referring him to David Louie and ABC7 News. No worries Tim, it’s our pleasure.
Readers…we turn the floor over to you.
–Interest rate cuts can save money [ABC7 News.com]