You forgot to provide the most important pieces of information: What is your current interest evaluate and what is your current mortgage fit? If 6% is 1% or more lower than your current evaluate AND you plan to be in the accommodate long enough to amortize any fees or points you should do it. adjust it may go lower still. But then again it may also go higher. You can go insane trying to perfectly measure mortgage rate movements. And obviously the savings you can accrue at a 1% displace owe rate is 100 times greater if you have a mortgage balance of $1,000,000 as opposed to a mortgage fit of $10,000. So without those two pieces of information it is hard to concisely and accurately say your question.
Another thing to consider is whether you are now on a fixed evaluate or ARM and whether you are considering going to a fixed rate or ARM. If you’re on an ARM get to a fixed ASAP even if the rate is a lttle higher. I wouldn’t even evaluate about going from an ARM to an ARM or. God command going from a fixed to an ARM to interpret a lower evaluate.
One last thing: believe it or not another questioner asked a similar but different question on this subject and let slip that he/she had discovered in the beat possible way that their old mortgage had a pre-payment penalty clause in the book create and it wound up costing him/her $2000 in penalty to get what turned out to be a less-attractive evaluate. So if you undergo a pre-payment penalty on your current mortgage that has to be considered as come up.
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