How far should the interest rate drop before i look at refinancing?

Daron
im not moving ...ever, i love this house. our 30 year fixed is 6.125%...i see 5.3% is available now.if it drops further, at what point should i consider refinancing?thx

Marquitta
That isn't a significant reduction, for the thousands of dollars you are going to pay in closing costs, it will take awhile for you to recoup that expense.

Gita
Am I gonna be branded a bad guy if I say do it right now?I'm a Loan Officer, so sometimes this comes back to haunt me, but I would do it within the next couple months. Rates are going to go lower in my estimation. See my rate lock calculator below, but also seek out good business articles as well.Rates are available in the low 5's as you said, and with good credit and the right terms it should an excellent move, especially since you plan on recouping the fees by staying put.I wish you good luck!

Agueda
normal answer would be 2 pts. but what would it cost to refi, closing costs, appraisal, etc, and how much would u save a month, if u can recoup the costs in less than 3-5 years do it as soon as u can, if the rate available to u is 5.3% u must have excellent credit, and if the loan size is high enough the savings now is .44 per thousand so on 100, 000 loan u would save 44.00 if clsoing costs are 3000 it would take approxiamtely 80 months to break even, figure it out when u know what closing fees would be. gl