Is it finally worth refinancing?
We purchased our home in 2004 with a 7/1 ARM at 5.25% through Countrywide. We plan to stay at least 10-15 more years. Right now 30-year fixed loan rates are at 5.25%. Is it finally time to refinance, or should I wait to see if rates will go even lower?
Some background - our house has just barely increased in value, but enough so refinancing shouldn't be a problem. I am a person who craves security, which is why I've been watching rates like a hawk ever since we financed with an ARM. I got the longest ARM I could when we bought, but I just don't feel comfortable with an adjustable rate. Of course, we have 3 more years before our payments would change.
Would love to hear your thoughts.