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We are paying 6.3% on a 30 yr fixed. Refinance now or will rates get lower soon?

We intend to stay where we are and still owe $230,000. We were offered 5% the other day.
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January 15 2009 - Rhinebeck
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SFREW....Couple of these posts were from last week.  Rates are higher now
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January 22 2009
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WHERE ARE YOU FINDING THESE RATES IN THE 4%. I AM IN RI AND FOR A 30 YEAR WITH NO POINTS RATES ARE OVER 5 AND CONTINUING TO CLIMB.
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January 22 2009
No one can answer accuratley where rates are going.  Post a request on here.  You will get a few offers that you will be able to contact on your own time and get a feel of what is out there.  As you can see from the posts from 5-6 days ago.  Rates were in the mid-high 4's.  Now 5% is pretty good (without points).  If you are always chasing the bottom of the market, odds say you will never catch it
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January 22 2009
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"One should get a rate around x amount" . How does one find the 'best rate'? Surf the web, phone banks, how?
Thanks
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January 22 2009
High 4's should be easy to get as long as credit/LTV is good.  As for where rates are going - lots of conjecture out there.  My personal opinion is that they'll stay here for a bit with a slight upward bias, but a lot can change with sustained Gov't intervention.  the question is: Rates are good Right Now, does it make sense for you to refi in your current and future situation at these rates?  If so, get it moving.  We'd all like to be able to pick the bottom, but not easily done.
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January 15 2009

Depending on your credit score, loan to value, etc, you should be able to get less than 5%, closer to 4.625%-4.75%.

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January 15 2009
 
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