Home Refinance

Question: What will home refinance interest rate do in the next 6-12 months?

(Posted by: Thomas R on 2008-09-17 08:10:50)

Current jumbo mortgage is @ 6 % fixed will I be able to significantly better that 6- 12months out?

Posted by: Jim F on 2008-09-17, 08:21:30

If I were able to predict the market I'd be a millionaire a few times over. However the likelihood of a rate better than 6% on a jumbo is very unlikely as jumbo money is very difficult and expensive to get these days.

Posted by: Biggie @ Arbor Mortgage on 2008-09-17, 08:16:30

Very doubtful! It is always a gamble though.

Posted by: golferwhoworks on 2008-09-17, 08:21:30

Biggie is correct if fact the LIBOR doubled yesterday

Posted by: Gary H on 2008-09-17, 09:33:25

After the election, interest rates are going up!!!!!! I've been in the mortgage business almost 10 years, and have seen cycles. Twice a year (6/ 15 7 11/ 15) the feds adjust the lending rates to banks to control inflation. Except doing a election year - the government wants to keep interest rates low. Two years ago in November I was predicting rates would jump, before interest rates were 5.125% for 30 yr fixed. After the senator election, over night rates jumped back into the mid 6% range. Just like gas prices - it price jumps during the beginning of the summer, then prices fall during the fall. Every year it's a different excuss.... somebody is making money of this. If your stuck in a mortgage with a prepay, you might consider doing a loan modification with your existing lender. PM me if your interested. ... ...