Hey all
I have a 2.75% 7/1 ARM with $700k in principle that is due to adjust in November 2024 to 2% + SOFR (7.5% today). I hope to refinance to a $650k (pay down principle) 15yr Fixed (~5.5% today). My plan is to pay off the mortgage as soon as possible so as to not eat the high interest rates. If predictions hold true that the Fed will begin lowering rates in September 2024, what's the recommended approach to refinancing? When should I begin refinancing? Should I keep doing no cost refinancing (sell points) as the rates continue to fall?
Thank you in advance!
I have a 2.75% 7/1 ARM with $700k in principle that is due to adjust in November 2024 to 2% + SOFR (7.5% today). I hope to refinance to a $650k (pay down principle) 15yr Fixed (~5.5% today). My plan is to pay off the mortgage as soon as possible so as to not eat the high interest rates. If predictions hold true that the Fed will begin lowering rates in September 2024, what's the recommended approach to refinancing? When should I begin refinancing? Should I keep doing no cost refinancing (sell points) as the rates continue to fall?
Thank you in advance!
Statistics: Posted by earlybirdinvestor — Sat Aug 31, 2024 2:06 pm — Replies 0 — Views 47