Here's an
insightful article from yesterday's Daily News Record that uses a local example to show what a significant impact current interest rates can have on a family.
Grefe, a teacher and coach at Harrisonburg High School, currently has an adjustable-rate mortgage that has interest rates of both 7.5 percent and 11.5 percent - but he's refinancing to a rate nearer to 5.5 percent.
"That should save me close to $200 to $250 a month," he said. "Monthly payment-wise this will work out pretty good."
(
source)
Depending on your financial picture, some borrowers are currently obtaining fixed-rate mortgages at or below 5.0%, and some local lenders that I have talked to expect that rates should stay at (or just below) 5.0% into the near-term future.
Even if you aren't looking to buy a home right now, this can be a great time to examine potential savings from refinancing.
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