I have a 30 year fixed mortgage with an interest rate of 4.875%. I’ve only been paying it 4 months.
Interest rates appear to be dropping, so a family member told me:
Interest rates have been falling a little. You might want to start watching rates at various banks and mortgage brokers. There times when lenders will pay all or part of the up front costs to get new loans. Because they can sell them in the secondary market for a small profit and keep their employees busy. If for example you found a lower rate and could reduce your monthly payment and the up front cost were minimal it might be worth.
Is this true? At what point (how low do rates need to drop) will the lender pay the upfront costs? How can I go about finding a lender that will do this?