Q: [HSH.com helped] us 14 years ago when we purchased our home. Now we are refinancing with same bank for the remaining 15 years. They quoted us a rate of 4.7% for a loan $148,000 with a cash out of 45,000 + closing costs/fees. Is that good? Should we wait 3-4 more weeks till closing (within the 60 day period). And do you think rates might go down? Hoping for at least 4.25-4.5?? Please advise.
A: Cash-out refinancing can be harder to find these days, and you'll need to have a deep leftover equity position after your refinance to boot. Average rates for non-cash-out refinances are at about 4.5% today, so your rate is fairly competitive. As far as what rates might do, you should check our Weekly Market Trends and Two-Month Forecasts, but with rates already at about 55-year lows, the likelihood of them going much lower is really pretty slight.
