Rates have changed recently, but before you freak out, let's look at a basic example.
Two weeks ago I was offering 3.375@ No points for your basic bare bones 30 year refinance. Today, I am offering 3.375% @ 1.5% points. The reality is both of those refinances rates and fee combos are great historically speaking. But if you are a serial refinancer, who always pays no points and no fees, you may want to do you final refinance and pay some fees.
If you refinance with points and fees the recapture period gets longer. That period is the amount of time in payments it takes you to realize those fees in the form of a payment reduction. But if you aren't planning on refinancing this debt again, paying some fees to get the lowest rate out there may make sense. For more information contact me through my website at www.michaelfoote.com .
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