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Check 2008
Might be different than 2008, when people with 650 credit scores were buying houses. There is enough money to be made churning everybody that is wanting to refinance to save a couple points and take some equity out than there is selling loans to bad risks.
But mortgage rates are something everybody gets all hinked up about, when they should be trying to pay down the balance so they do not waste tens, maybe hundreds of thousands on bunch of interest over the life of the loan. If I had be more diligent about that I could have easily put another 100K in my pocket when we sold our place in the valley.
But even if I had a mortgage and I thought I could get a better rate right now, I really think I would stand pat on it, just wait until this insanity stabilizes a bit. And I would not refinance unless I had an emergency fund of 6 months living expenses in a liquid savings account, and felt my job was REAL secure.