MES on September 22 at 11:50 pm 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.
gls on September 23 at 10:27 am 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!
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!