Don't look now, but we're firmly in a mini refinance boom (seems like deja vu all over again). Rates have been bouncing between 4.5% and 5%. The markets are erratic and the rate bounces are happening quickly. Every time the rates reach a low point, by the time most people hear about it ---it has passed.
If you have a an ARM loan or a loan that has an interest rate above 6%, you may want to consider refinancing your home.
Meet with your mortgage professional and get your documentation and affairs in order, so that when the rates make a sudden drop, you can lock. Keep in mind that banks have all experienced major lay offs and currently banks are taking anywhere from 5-20 days to underwrite a file!
One more thing........A wise friend many years ago gave me this advice. He said pigs are cute, hogs get slaughtered. When rates look good -- lock. More people get hurt trying to eke out the best possible rate, than accepting a good, competitive rate. Don't be too greedy. If you can lock at 5% or under, go for it!
For future home buyers AND refi candidates:
Remember, inflation may be just around the corner. Once the economy starts to recover, liquidity will need to be taken out of the markets. The Fed may need to rapidly hike interest rates to control potential inflation. These low rates may not last long.
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