Rather late last night, I came upon this item from TheStreet.com called You Might Not Want to Wait to Refinance That Mortgage.

Make no mistake, I have been telling everyone who would listen for several years now that it was high time to refinance ARMS and take advantage of low fixed rates. Personal finance expert Terry Savage puts some other support under that idea.  First, she points out that the bond trade is likely to push up long term interest rates regardless of what the Fed does with short term rates:

If bond buyers are worried about inflation, they’re going to demand higher rates to compensate. In reality, if they sniff inflation coming, they start to sell the bonds they own, pushing prices down and yields up.

[snip]

Here’s the simple rule to keep in mind: When interest rates rise, bond prices fall.

That’s something beyond the Fed’s power to control over the long run. The market is bigger than the Fed when it comes to long-term interest rates.

She goes on to point out that if we have a bad enough recession that home prices drop, the option to refinance may not be available in the future at all, at any price:

In fact, if you don’t have enough equity in your home, you simply can’t refinance — as millions of homeowners have already learned. They’re stuck in adjustable rate loans, worrying about the possibility of higher monthly payments.

Take advantage of this possibly temporary dip in mortgage rates to start the refi process now. And as you start the process, get a written rate guarantee from your lender.

If rates drop again, and your house retains its value, you can always refi another time. But if rates rise, you may not get this chance again.

So please, take advantage of this refinancing  opportunity whether you are refinancing, investing, or bargain hunting.  If you need a mortgage broker, click the “Contact Me!” button to the left and I will put you in touch with a couple of people I trust to help you out and get the job done.