Mortgage Rates – Refinance?
I live in Virginia and recently purchased a house. This is my second mortgage. I had no idea how mortgage rates had risen sharply. I am paying 6.75, compared with 6.125. Do you expect mortgage rates to rise or is it possible for me to refinance and get back to less than 6.5? My credit is not always the same and the two mortgages are fixed interest 30 years.
It is difficult to say the rates have increased siginficantly lately, if they follow the same trend as last year will lower rates beginning in the fall. It's exactly what happened last year rates higher in early summer. You may want to look into getting a good deal now and refinance later. If you are going to be in the house for more than five years after you may want to look into buying the rate down can be cheaper than refinancing actually in one year by 0.25% which will not save any money the cost of refinancing.
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