Rates are Low are they going lower?

Rates have dropped in the last week to under 5.50% for a 30 yr. fixed rate. Now the question is, are they going lower? Should you refinance now or should you wait? There is no fast and easy rules. You might have heard the old rule of "you need to have a drop of 2% to make it worth while to refinance". That is not true unless you have been in your home for at least 5 yrs. The best way to know for sure is to call a mortgage banking professional (such as myself) and go over your situation. If you have had your mortgage for 12 months or less you don't need to have much of a drop in rates to make it a good idea to refinance. Call or email me and I will give you an honest opinion of what you should do.