When should i refinance my house?

Ethelyn
How long does the actual rate (say for a 5/1 or 7/1 arm) take to reduce after the feds cut the rate like they just did by .75 percent?

Adriane
Andrew, The Fed rate cut doesn't always mean lower mortgage rates. In fact, the bond market sold off and mortgage rates rose significantly after the cut was announced. The Fed is talking about the fear of inflation now and that is death to the bond market. Remember, unless you're B of A, you aren't borrowing from the Fed, you're borrowing mostly from the bond market. I wouldn't expect much to come from this rate cut very quickly. and if mortgage rates do come down, it will be on some other economic bad news that sends the bond market up.Also, don't let anyone on YA tell you which program to use. The only way to know that is with a thorough analysis or your situation. Location, age, expected income, adding to or subtracting from the family - these and other factors have to be considered before choosing the right program and pricing options.Good luck!

Demetrius
If you have an adjustable rate mortgage, you need to refinance it yesterday.Get a 15 year fixed mortgage with whatever rate you can get.