Is it worth to refinance my mortgage?
I want to refinance my mortgage, here is the rate that they are offering.
5.125%, .250% points with no origination fee (P&I Payment $1,328)
or 4.875, .250% points with 1 % origination fee (P& I Payment $1,367)
or 4.750, 1.250% Points, with 1% origination fee (P&I payment $1,309).
The total closing cost is approx 6-7k.
Is it really worth refinancing? I plan to stay in the house for at least another 10 yrs. Which interest rate should I go with? I'm thinking the best one to choose is the 4.875 with .250% points buyin, and 1% origination fee. I choose to float on my rate, I don't have to lock in until a few days before closing. Should I go ahead and lock in since the rate is good, or should i gamble and hope that the rate will go down ??