I have great credit, I have enought equity to refinance at 90% appraised value, I have a 6.5 rate jumbo now?

Question

Should I refinance now or wait longer?

Answer 1

I would wait and see how the first quarter/half of 2007 shakes out. The fed may lower interest rates. They did not raise or lower them as of today.

Read this:
http://news.yahoo.com/s/ap/20061215/ap_on_bi_ge/ye5a_real_estate_outlook

Answer 2

You most likely will not find a better rate for a jumbo loan right now. Since your at 90% most likely you will still have to pay PMI anyway. Rule of thumb is to refi if you can get a rate .5% lower than you have-- ONLY if you plan to stay in the home for 3+ years. If you can find 6% or less, go for it.