I have a 30 year fixed rate mortgage at a rate of 4%. With my current lender, I could do a refi at 3.375%. Interest savings would be about $19,000 over the life of the loan (about 20 years) less closing costs of about $3,500. The closing costs include a a couple of bank fees and other fees to the title and its insurance. I am not sure why I would be charged fees related to the title, since I have already had the mortgage for a long time. I have not explored other companies and their costs to refi but probably will do some research.
Anyone have a good feel for where they think mortgage rates are heading?
I know that the Fed is going to be buying agency paper in the near term, which I assume will drive rates a little lower.
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