On Refinancing Your Mortgage
The panic on Wall Street has led to a major upward move in the price of 30-year T-bonds, as I predicted last year.
When bond prices rise, long-term interest rates go down. These are inverse relationships.
The worse that the stock market gets, the lower that long-term rates will fall. This will include 30-year mortgage rates.
At some point, you should re-finance. You have lots of time to decide. This downward move of rates will continue. If a recession hits, the decline will accelerate.
Start looking into re-financing now.
Be sure that re-financing in your state does not change your mortgage from non-recourse to recourse. You don't want a recourse loan. With a non-recourse loan, if you default, you lose only the house. The lender cannot force you to make up the difference between the debt remaining and the sale price after the commission.