Watching Mortgage Rates - need advice

[shelbylovesmelby]

I'm hoping to refi if the rates keep going down. Is there a way to know if they will keep going down or not? I know there's no exact way. BUT in march/april they kept saying rates could be as low as 4%, I waited and then bam they went over 5% again. My lender right now is .75% less than what I'm paying now. I have looked on various sites for local lenders and they are maybe .20 less than what I'm paying % wise. I have always been under the assumption you don't refi unless it goes more than a point under your current rate or am I wrong?

[amedvedovski]

Don't assume the rates will be up or down. It is very hard to predict where they will be. My advice to you: If with the current rates it makes sense to do refi, then do it now. If not, don't do it. Just do the mat first. Calculate whether you would pay more or less with the new rates. Account on how many years you are going to live in your current place. If mathematically it makes sense, buy some points as well.

Good luck!