Mortgage rate heading south - refinance 3.5 30y?

[Kumar Gaurav]

Hello,

I currently have a 30 year Mortgage loan at 3.5 rate of interest on my owner occupied triplex that I bought less than 3 years ago with 20% down at 750k pp.With the mortgage rates getting lower and lower when would it make sense for me to refinance? should I wait a little longer? Would it make sense to cash out refinance? Appreciate your feedback.

Thanks

[Bill B.]

I’ve “heard” rates are temporarily artificially high because the mortgage financiers have all the business they can handle already. I would say rates are more likely to edge down a little than up much. If you can save over 1/2 a percent rate or save all the refinancing costs in less than 18 months I’d go for it. Can you afford the 15 year? Are they still much lower? They used to save you 1/2 a percent on that alone.