Forget about Refinancing its too late!
Have you seen the latest 30 year Fixed rates? They are almost at 6.5 percent. The Fed rate is still at 2.0 but Banks are really taking major advantage of the difference. Also the Fed rate is going to be adjusted upwards in the next meetings, because of too much inflation. Meanwhile with housing values still declining and people that still have to pay taxes and insurance on homes that are not worth it. Homes that do not produce positive cash flow even when rented. Even I have one of those. At this point I think that we might as well just give them back to the greedy banks anyway. So I can definetly see more and more foreclosures on their way and I am also glad because I think the banks deserve it. Why did they give us these mortgages without appraisels? We are in a recession and we will be in it for a few more years to come. Meanwhile watch the 30 year fixed rates as they will keep rising, that is beacuse the banks are so greedy. So guess what if you were planing to refinance now, its too late. You missed the boat! Don’t do it unless your desperate. And good luck!
