Okay, maybe 3% 30 year is wishful thinking, but how low will rates go? How low can they go?

I am currently in a 5/1 ARM due to adjust in May 2009. My current rate is 3.625%. It's been a nice 5 years. The max adjustment for the first year is 2%. I am debating whether to refi or not. I am leaning towards betting on rates falling even more from where they are now.

I hope you are right about the 3% I will be able to get exactly what and where I would love to buy.

They have never been 3% on a fixed rate so I would not bet on it. But, I saw 4.375% last week and the lender was charging no points. I did not see if they could offer an off sheet price with a buy down to the high 3's.

This is a quote from market ticker. [i]"
If you want to refinance a mortgage you may get one brief shot at it with long rates around 4%. You're nuts to buy outright unless you intend to die in the home, but if you have a solid reason to be obtaining a mortgage or wish to refinance you will probably get the opportunity. This assumes the "buydown game" gets going before Treasuries dislocate; if you get the opportunity take it as it is likely to be fleeting. The few places in this country where homes wind up selling for 2.5x incomes (on average) and you have an opportunity to finance at 4% and change will be decent buying opportunities - if you're sure you can cash flow the note (e.g. your job and/or income stream is not in any danger of collapsing.)"[/i]

http://market-ticker.denninger.net/archives/689-Where-We-Are,-Where-Were-Heading-2009.html

Rates are great, but in FL most people are upside down. The ones who are not upside down I am locking.

I know someone that refi'd their primary residence at 15 yr fixed at 4.25%. He also had a home equity line on the home that the lender (Sun Trust) let him keep.

Good deal, imo