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Updated over 2 years ago,
Rates keep rising over the next couple years?
I am purchasing a home currently locked at 5.75% (30 year fixed). My mortgage broker is highly recommending I do not pay any points to get a better rate. I have another rate offer at 4.75% with points that would break even in 1.5 years versus the 5.75% rate. However, the 5.75% broker is "almost certain" rates will be dropping within the next couple years, so I will be refinancing to a better rate and does not want me paying down the rate now as it's a waste of money. His main thought around that is a looming recession. This advice on rates is completely opposite of what I am seeing everywhere else. Of course, there are no guarantees, but would love some thoughts on what rates will be doing over the next few years.