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If the tidal wave of newly printed currency from the Fed increases the money supply (trillions that have come off the "presses" since 2008) then the U.S. could experience hyperinflation in the near term. Hyperinflation is a mortgage lender's worst nightmare and a bonanza for 30 year fixed mortgage holders.In normal times, inflation of currency causes the effect you may notice where, for instance, it suddenly takes $10 in 2010 to buy something priced at $1 in 1980. Back in 1980, someone with a $400 mortgage payment viewed that payment the way people in 2010 would view a $4,000 mortgage payment. That is why people making the final payments on their 30 year fixed mortgages this year, have such seemingly low payments... and why banks rely on their interest over 30 years to help level the playing field. (In my opinion people with mortgages still came out ahead due to inflation.)In hyperinflation the 30 year mortgage is the worst investment a bank can make, and conversely a bonanza for homeowners. You want to hang on to it and enjoy the ride!Hyperinflation considerations aside, the one thing you didn't mention is your current interest rate, which will help determine if refinancing is a sensible option.
Yes, it makes sense to refinance.Assume your mortgage balance is $100K, 4.5% interest rate, you needed to pay $765 a month to pay-off the mortgage in 15 years, if you pay $765 a month for the 3.75% interest rate mortgage, your mortgage life is 14 years or 168 months, look for the no closing cost refinancing at 3.75% rate.It is depended on your employment however.
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