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WWYD- home equity loan or wait for refi rates to improve?

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HelenZ
So worth the wait :)

Member since 10/07

2862 total posts

Name:
Helen

WWYD- home equity loan or wait for refi rates to improve?

So I’ve been watching the rates since we missed the boat on awesome refi rates back in October. We have a lock on a 3.99% home equity loan (10 yr fixed rate), but I noticed when I checked the lender’s site today that their refi rates came down a full percentage point from when I was shopping around a month ago (they now have 4.75% 30 yr fixed no points).

We refinanced 2 years ago and have a fixed rate of 4.25% so I’d only consider refinancing if the rates dip to 4% or less again…..anyone have any opinions on where they think rates will go? should I just stick with the 3.99% equity loan and be done with it?

By the way the lender we’re using if anyone is interested is Pentagon Federal, PenFed.org, they’re great!

Message edited 2/2/2011 1:58:33 PM.

Posted 2/2/11 11:53 AM
 
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VickiC
Rocking the party

Member since 5/05

4934 total posts

Name:
Vicki

Re: WWYD- home equity loan or wait for refi rates to improve?

The rates won't be going down again IMO. They are predicted to stay the same or go up before the end of the year.

Posted 2/2/11 3:48 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

6152 total posts

Name:
That Led To The Wrong Tendencies

Re: WWYD- home equity loan or wait for refi rates to improve?

Posted by VickiC

The rates won't be going down again IMO. They are predicted to stay the same or go up before the end of the year.




I agree.

And hme equity rates are as low as they are going to get because those are based on the prime rate and the prime rate I don't think can even go any lower than it already is.

Posted 2/2/11 6:33 PM
 

HelenZ
So worth the wait :)

Member since 10/07

2862 total posts

Name:
Helen

Re: WWYD- home equity loan or wait for refi rates to improve?

Posted by ave1024

Posted by VickiC

The rates won't be going down again IMO. They are predicted to stay the same or go up before the end of the year.




I agree.

And hme equity rates are as low as they are going to get because those are based on the prime rate and the prime rate I don't think can even go any lower than it already is.



thanks! I'm just bummed I missed out on a 3.75% 30 yr fixed refi rate w/ Pentagon Federal (that was in October)....the home equity loan would've paid for itself had I refinanced and took the extra cash then! oh well, if it's not going to get any better than a 4.75% refi rate that they have now it's better to act on the 3.99% rate and move on....thanks for your opinions!! Chat Icon

Posted 2/2/11 6:37 PM
 
 

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