Apply for interest-rate protection; The refinance itch
June 26th, 2009 by dwisuryantoJohn and Jennifer Viner bought a home last August for $350,000 with a fixed-rate mortgage at 5.25%. A few months later, interest rates plummeted, hovering at a 50-year low.
The Viners, like many homeowners, started kicking themselves. And now that those low rates are starting to rebound — big banks have already announced hikes in interest rates — the Viners want to take advantage before they disappear completely. They want to refinance at 3.79%, which would save them $19,960 in interest.