We just closed on a mortgage refi on Monday to pull some money out for a home improvement project (new kitchen and master bedroom). Of course, the rates just fell to near record lows. I figure we would have done at least quarter point better if we had waited to lock until this week. On our loan, that would have meant about $40 a month or $16000 in interest over the entire 360 month amortization.
We locked right at one of the local peaks in late February. At the time, there was a lot of turmoil in the banking sector so it seemed like rates would be volitile upward as the market tightened. But, the Fed threw the dollar under the bus and rates went down. Can the Fed come bail me out for placing a bet at the wrong time? Maybe if I just stop paying my mortgage they will allow me to renegotiate the rate. I guess not since I take responsibility for my own financial actions and live with the good luck and the bad. It would be nice if the powers that be in this country felt the same way.
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