I'm refinancing my mortgage with an interest rate of 4.250%

[Postman]

Does anyone with knowledge of these things think rates will get even lower than 4.250% ?

[RUMMYisFROSTED]

1. Run and hide with that rate.

Pointless to look for less, as long as it is fixed.

[Uben]

2. No!

4.25% is most excellent! My first home was financed for 9.75% in 1980! I kept it for 15 yrs and sold it for what I gave for it.
Timing is everything when buying a house these days. Getting a low interest rate like 4.25% was unthinkable just a few years ago.
Go for it!

[Warpy]

3. Could be

but not much. You might want to think about a 15 year mortgage if you can possibly swing it, though.

[katanalori]

4. Just be sure to read your loan documents!

Look to make sure interest rate says 4.250%. How many "points" are there for you to pay?
(A "point" is 1% of loan amount). Is there a prepayment penalty? This is important, the pre-pay can be thousands of dollars should you have to sell house. Read what you sign! Rate is good (if they do not abuse you on fees and points). See if you can "lock in" rate - may cost a little to do so, but if rate goes up before documents are done, you will not be able to get the 4.250% unless it is locked. Finally, make sure you are dealing with a reputable lender, credit union or bank. Be leery of mortgage brokers - not all of them are bad, but if you use one, it should be someone you trust. Good luck.

[katanalori]

5. Fixed???

and yes, make sure it is fixed. If adjustable, make sure you understand the terms.

[Postman]

8. Fixed rate. 15 yrs

[Statistical]

6. 4.25% is an amazing rate. Congrats.... BUT

make sure you look at the APR also.

4.25% is the rate but APR includes lender fees & points.
It is possible that another rate at say 4.50% from another lender has LOWER APR because it has lower up front fees.

Compare APR to APR to get apples to apples comparison.

To answer your question anything south of 5.00% is good rate and may only happen once in a lifetime.

[Postman]

7. APR is 4.369%