I suppose the first question I ask is about the economy - that's an easier question to ask - though not everyone seems to be in agreement as to the answer, yet bas%ic economic theory indicates it should be a stimulous.
What does it mean for us as individuals?
My realtor seems to think it will be easier to sell my other house - yet it still sits there - costing me more than $3000 a month.
I went to bankrate.com and checked IL jumbo rates. Most are about 7.5% APR with a select few under 7%, however the price is from Friday, so maybe it's no longer accurate.
I'm not sure if the short term rate cuts will effect long term bond prices - which seem to be the underlying factor for 30 year fixed rate mortgages, however I will call tomorrow and check out what this means.
Here are a few questions:
1. How much is it worth to refinance at 0 points? Is $400 enough or $1000?
2. If I refinance at $400 can I do it again three weeks later at the lower rate?
I'll find out the answers soon.
If you have any advice, please let me know.