Home refi......

[Hey-O]

I did 30, no prepayment penalty’s. So the savings of the lower mortgage will be applied to the payment and that will knock off a few years. Haven’t penciled that out as of yet.

Our original loan was 3.125 and now 2.25, almost a full point so it was worth it to do.

Make one extra payment a year and it will take the loan to 21 years.

 

[Hey-O]

It's all based on the Fed fund rate, which they are keeping low to boost the economy. That is keeping the 10 year bond rate low also. Mortgage rates and interest rates you get from a bank are all based on those factors. Everything else is sky high because the dollar is worth less because the govt is printing money ( spending trillions that it doesn't have) and also because of shortages from the last year of shutdowns ( supply and demand) and increased costs of labor and energy. It's very complex but that's the simplified version.

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