Down Down Down...Rates are going down

So the Fed cut the rate again.  Great run out and refinance...right?  WRONG! You have to determine whether or not refinancing would be a good decision for you.  If you have 2 years left on your 30 year fixed and you have a rate of 6%, refinancing at 5% for another 30 years doesn't really make sense considering you would have to pay closing costs all over again, AND a majority of your payment is going to principal anyway.  If you have 28 years left on your 30 year mortgage and you can reduce your rate by at least 1% and you don't mind paying closing costs again or have enough equity in your home to roll the closing costs into the loan and have 3 weeks to spare, hey go for it!  Good luck.