We are doing a cash-out refinance at 3.99%, down from 4.375%. Our broker told us 3.99 is probably as good as it will get in the short term (for a cash-out refi), but she expects rates to jump up a bit, then go back down near the end of the year. We are using the cash out money to finish our currently unfinished basement, and put down a decent amount on a new car for DH. Our monthly payment is only changing $30. We are going back to a 30 year loan, but our old loan was only at 28 years (we bought this house 2 years ago), so it works out ok for us. And our appraised value went up $40k from buying 2 years ago, so we are really good with that.
Seems like a good time to just look into it, if anyone is on the fence.
Looks like she was right about going back up a bit in the near term. Banker just told me that happened today--luckily we locked yesterday Looks like we're getting 3.75% for a 30-year fixed, almost $4k credit towards closing costs (which should cover the bulk of them), and no escrow requirement. This is down from our current 4.375%. I'm pretty happy!
Please PM me bank info for the 3.75% fixed oops!! I was away last week and catching up on this thread. Just read your post about mortgage brokers. I will PM you who we used and who I emailed again today to ask about refinancing.