Last night I went online and applied for a REFI, I currently have a 6.5 fixed 300k loan. I found that Navy federal credit union has the 30 yr fixed at 5.375, with .625 in points and .750 origination fee. They are offering 1000 cash back after the loan is processed. With the new loan, it would save me about $220 month, over the term of 30yrs thats about 90k. Sounds great,, well it would have been had I chose to lock the rate yesterday, I went ahead and floated the lock and the rate jumped .5% overnight. So now I am going to have to wait until the rate comes down to the original rate I liked. I guess I got greedy, serves me right. Now all I can do is hope. For me anything more than 5.5 is not worth the Refi.
