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F.
You should wait. The STRONG expectation is rates are going down
Mentor
That’s been the mentality since late 2023, and while rates have come down, they haven’t come down as fast as anyone expected
Mentor
What rate and term are you at now, and what rates are you seeing on a refi?
I won’t be refinancing because all my mortgages are below 4%. But overall, this is a pretty simple math equation.
Mentor
Equation is:
Savings over current payment / cost to refi = months to “break even”.
If you think rates will drop significantly before that break even period, and refi costs will remain the same or go down, then don’t do it.
I don’t know how 10 year rates compare to 15 or 30 year rates, but from what I know about those rates, you may not see much of a savings. If you can get a no cost refi that is at least a half point lower, it’s probably worth it. If there are costs involved, and/or it’s less than a half point, then it’s probably not worth it.