I bought a house in November for $460,000 with 10% down at 7.875%. My mortgage broker is proposing a new loan that I could get down to 6.875% with what I have down now or 6.625% if I put the remaining 10% down.
PMI is around $30 a month.
Cost for the refi is $6500.
I understand the break even point is about 2 years from now which makes sense to do in theory but with news that rates may drop further in the next 2 years is it really worth it to do it now with what’s guaranteed or wait and see if it can get better? (I know it’s impossible to time the market on this…)
Thank you for the advice in advance!
Edit: Goal is to refinance and pay as if it was a 15 year mortgage.
original posted by Armystrong97 to r/personalfinance on Thu, 14 Mar 2024 23:16:40 GMT.