FYI for homowners in USA
 

You may want to take a look a what your interest rate is on your mortgage. I'm refinancing (again) at 5.5%. It may go lower than that. Yesterday there was a brief 1/8% floatdown option.

Extra costs to me =$0

You may want to look into this action with your local financial institutions. Don't take any shit or pay any fees. It can be like free money, depending on your situation.

- peace -

I locked in at 4.25 last year when rates were rediculously low in Canada

thanks.. i've been watching it every day.

:) i locked in my new mortgage at 5.25...

my buddy he called me as he locked in his at 5.65 and when I called a couple hours later it was 5 3/8.. and then when my lender called back it was 5.25....

I just did a refi (no points, no costs) on my house for 6.125. For some reason, the 'no-nos' here in metro Mass seem to be half a point higher than in other regions (even 2 states over - and I did a LOT of digging.) Still, really happy to have an extra $250 in my pocket each month for little effort.

One word if an adjustable is an option, LIBOR.

What does LIBOR mean? Is that an acronym?

Basically a mortgage plan where the rate fluctuates on a periodic basis and is pegged to an overseas version of the federal funds rate. Often you can lock in/convert to a fixed rate, and rate movements have a governor on them so they can't move more than a certain amount in a given period or go above/below a wider range over the lifetime of the loan....I think I have that one right. Not sure what it stands for.