Timing is everything (Interest rates and available re-fi options)

[Ryan McKay]

Hi folks!

My wife and I closed on our first investment property this past October, a mere few weeks before interest rates hit that dreaded 7% number. We were supposed to close several weeks before we actually did, but - between some VERY "casual" (ie- slow) realtors and the builder missing several deadlines, we ended up with a rate of 6.5% where we likely would have been around 5-5.5% if things had been more timely. Way of the world though, am I right?

So- here is my question - getting a re-fi rate in the ways  that I am familiar with would still land me at the same rates that I have now. Does anyone have a suggestion for what options might be available to lower our rates within a few  months? My guess is that the end of the year will see rates back in the fives, but - gosh darn it- if I am missing a way to do better sooner, I sure would like to know about it ;-)