Refund?
Posted by gls on 18 Sep 2007 at 10:10 pm | Tagged as: Diary, House, House Hunt
I just love that six, eight weeks after we bought our house, the Fed lowered interest rates by half a percent…
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Only when the Prime Rate gets ridiculously low does it have an effect on home loans. It does have an effect indirectly but its not a linear function.
I know — we probably would have saved something like $20-30 a month with that half percent. Still, over the course of a 30-year mortgage, the interest savings would be several thousand dollars.
Of course, that’s what refinancing is all about!