Good time to refi?

[redhed1026]

Scores: EQ Fico 670, TU Fako (Wamu) 667, Ex unknown

I have no lates, but high Util on several cards; not using them and paying them down.

I have an 80/20 loan and the 80 is at 6.875%. Had the loan about 2 years, looking to refi. Kicking myself now, as the rates were about 1/2 point lower a couple of weeks ago. Anyhow, I've heard it might be better to wait until the end of the month, as another rate cut by the feds is being predicted.

I'm watching rates through USAA rate watch, and they climbed a bit today. I hate WAMU and they are holding the larger loan; USAA has the smaller. I'd like USAA to hold both loans.

Any thoughts on waiting?

[ShanetheMortgageMan]

I do think rates are artificially high right now, but an expected rate cut won't help mortgage rates... as it's already expected - priced into the market.  An unexpected rate cut could help mortgage rates.  How much is owed on the 1st & 2nd mortgage, and how much would your home appraise for?

[Anonymous]

Rates are in a weird state right now feds keep cutting but they keep climbing I hear a lot has to do with inflation that is driving up the rates. But I agree with Shane before you apply go to zillow.com or a simular site and check the value on your property or call a local appraiser and ask for a value check.  theres no sense in applying to refi if you owe more than your house is worth.