YOU MAY NOT WANT TO WAIT TO REFINANCE THAT MORTGAGE

You MAY want to read the entire article for a more thorough explanation and education of WHY... but here is the gist of it.  

From THESTREET.COM - Terry Savage

Dangers of Playing the Refi Game
There are two important reasons not to "game" the mortgage rate if you know you need to refinance, or are one of the very few still buying a new home.

First: The Fed does not "control" long term rates! The Fed can pump liquidity into the system, and can set short-term rates. But it can't control the longer-term bond market, where trillions of dollars of debt are freely traded each day. In that bond market, the very sophisticated participants are considering the impact of all that liquidity -- and its potential to create inflation down the road.

The Other Risk: Home Prices Fall Farther
I mentioned that there are two reasons to lock in rates now. The second reason is that if we do have a continued economic slowdown, the appraised value of your home could fall still farther. In fact, if you don't have enough equity in your home, you simply can't refinance -- as millions of homeowners have already learned. They're stuck in adjustable rate loans, worrying about the possibility of higher monthly payments.

Take advantage of this possibly temporary dip in mortgage rates to start the refi process now. And as you start the process, get a written rate guarantee from your lender.

If rates drop again, and your house retains its value, you can always refi another time. But if rates rise, you may not get this chance again. And that's The Savage Truth!

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