CONCHO, I totally forgot about that advantage too. The chance if refinancing at the rate today is next to never. Unless we experience what Japan did and have rate at 0%, I doubt people who buy now can refinance to lower rate. Which mean they’re stuck at the current payment for 15-30 years. However, if you buy at high rate and low price, you can refinance when rate drop again for an even lower payment. I know someone who did just that. Bought in 1996 @ low price and high rate, refinanced recently to very low fixed rate. Now, the payment is around $800/month. How’s that for good timing.
