home mortgage refinance

You could still cash in even if you missed the very lowest rates. So youre not Quick Draw McGraw when es to refinancing your mortgage: Maybe you missed out on a 30-year, fixed-rate loan under 6.5% this fall. But dont hang up your holster yet--you still have a clear shot at a better deal.

Homeowners trying to refinance in mid October sampled the stressful life of a bond trader. Rates--which for weeks had been lolling about at record-low levels of 6.5% on average for a 30-year mortgage with one point--shot back up half a point in two frenzied days as the throes of the international bond market created an increase in mortgage rates here at home.

Rates were rising so fast you couldnt get your people locked in fast enough, says Lore Cook, a mortgage broker in Pleasanton, Cal. But a week later rates were headed back down, giving brokers and borrowers some relief.

When rates are going up, people are flooding to the closing table. When rates ing down, people are holding off, trying to find the bottom of the market, says Bob Brown, an executive vice-president at Countrywide Home Loans.

Tim Winkler, a ptroller in Janesville, Wis., isnt worried about missing the bottom. Hes a refinancing veteran, biding his time, waiting for his next chance e along.

If it doesnt, it doesnt. Winkler bought his house in May 1997 with a 30-year, fixed-rate mortgage at about 8.3%.

In July of this year he refinanced to an 18-year loan at 7.2%. The closing costs, which he rolled over into the new loan, equaled one months mortgage payment.

His payment actually went up about $30, but he stood to build his equity much faster. When Winkler saw rates in his area hit 6.2% this fall, he started thinking about another refinance-maybe into a 15- or even a ten-year loan.

But rates started to creep up, so he held off. Its not keeping me awake at night, he says.

DOES IT MAKE SENSE? Fortunately, you dont have to worry about timing the bottom, either. The numbers can still make sense--especially if your rate is above 7.5%.

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