Mortgage rate is 5.5%. What is a good rate to refi at?

[jIM_Ohio]

You're still talking about refinancing with closing costs. Which is fine, but it's not my point.

I am able to refinance without paying a DIME in closing costs, fees, points or anything else. It benefits me to refinance for even 1/8% lower rate. The only cost to me is time.

I will still pay the same amount I have always been paying (even though my minimum payment decreases). The difference is more of my payment will go to principal, resulting in a faster paydown.

sweeps if you have to put the entire $40 to the newly refinanced mortgage (to maintain payoff year of original note), technically you gain flexibility but you have not saved anything until the whole note is paid off.

[sweeps]

sweeps if you have to put the entire $40 to the newly refinanced mortgage (to maintain payoff year of original note), technically you gain flexibility but you have not saved anything until the whole note is paid off.

By not changing the amount I pay each month, my refinanced mortgage will be paid off quite a bit faster than if I hadn't refinanced. That's definitely a tangible benefit and a good thing.

Having a lower minimum payment is a nice-to-have just in case I get into a bind and need to conserve cash, but that's not a primary motivation for me.

ETA: Let me put it a different way. I'd rather my newly-freed-up cash (actually it will be $120/mo, not $40, but who's counting) go toward paying down my mortgage principal rather than go toward paying interest which is essentially money down the drain.

[JinCO]

I am also in the process of re-financing with no fees, points, etc through Wells Fargo. They have a program for existing mortgage holders where they wave all of the fees. The rate I was quoted at was 5.125% a few weeks back. I’m wondering if it would make sense to cancel our existing application and re-apply given the fact that rates have dropped since then. As it stands, the 5.125% rate will save us about $350/month.

[jIM_Ohio]

I was quoted a rate in "mid 4's" today. I am sure the rate will be more specific once the person runs credit and gets an appraisal.