Hi phinallydone,
Well I have heard that government is planning to lower the rates to restore the US housing market. The fixed rate mortgages are available between 5.40% - 5.70% whereas the 5/1 ARM is available at around 6%. A lot of experts are of the opinion that the mortgage rates will fall in the coming days. So if you feel that you can afford the payments if you refinance now, then you should go for it. If you feel that you won't be able to afford it, it's better not to go for it right now.
You can also check out the following link to know about the mortgage rates:
http://www.mortgagefit.com/rates/
Well I have heard that government is planning to lower the rates to restore the US housing market. The fixed rate mortgages are available between 5.40% - 5.70% whereas the 5/1 ARM is available at around 6%. A lot of experts are of the opinion that the mortgage rates will fall in the coming days. So if you feel that you can afford the payments if you refinance now, then you should go for it. If you feel that you won't be able to afford it, it's better not to go for it right now.
You can also check out the following link to know about the mortgage rates:
http://www.mortgagefit.com/rates/