We have been thinking about refinancing lately.  You know, get a lower interest rate and save tens of thousands of dollars over the next way too many years, not to mention pay less every month.  We are one of the lucky few to be eligible for the best rates so we have been on the lookout.  It hasn’t worked out quite yet.

Our current interest rate is 6.125%.  That isn’t bad.  We were certainly happy with it when we got that big old loan to begin with.  But then rates dropped.  The first time I really looked, about a week ago, the best rate for our loan holder was 4.75%, according to the web site.  That was less.  I got on the phone to talk to someone about what all this means and what it might cost and while I was on the phone the rate rose to 5.125%.  Of course, I had to wait about 20 minutes on hold, but I didn’t think it would change that much while I was listening to the muzak version of Journey’s greatest hits.

I asked about this, of course, not being one to simply accept that things are the way they are.  The customer service rep told me that interest rates get posted four times each day, and so might change four times on any given day, or not.  She suggested I sign up to get an email when rates drop to the lower interest rate.  I thought that might not be a bad idea.

Interest rates did go down.  I never got the emails telling me this because they got sent to my spam folder.  So the email I most wanted to receive and had asked to get were being junked, while the ones from Melissa Jane Mastel promoting events in upstate New York keep getting through even though I have labeled them as junk scores of times.  I guess I need to accept things are the way they are more often.

Anyway, rates dropped, then dropped again.  They went down to 4.625%, which meant we would save 1.5% off our current rate.  Sign me up.  I called last night to nake it happen and got a message saying the wait would be an hour and a half.  That was bad timing, given the need to get the children to bed and then eat a large bowl of chocolate ice cream.  So I waited.  By the time I was ready to call them back  it was 8:01 PM.  They closed at 8:00 PM.

So I looked again this morning.  Rates were up to 4.75%.  I called and got a wait time of 20 minutes.  After 40 minutes, I had to go, so I hung up.  Then rates rose to 4.875% and ended the day at 5.125%.  What’s up super ball?  Stop bouncing around so much.  So we are right back where we were when we started looking.  Do we do what we can to take this rate now?  Or do we wait to see if rates go down again?  What if they go up?

I know they won’t change until Tuesday, since the markets will be closed, so we have some time to think about it.  We don’t want to change our lender.  They seem to have the best deal, and they certainly have the best customer service (aside from the long wait times).  I guess we wait and see.  We missed out on a way low rate and I won’t let that happen again.  Now that I have been paying attention for a couple of weeks, I understand things a little better.

I just hope that rates keep dropping.  The national average dropped to its lowest ever yesterday, so I am hopeful.  But whatever.  It’s only tens of thousands of dollars we’re talking about.  It’s not like I plan to retire.  Ever.  Or send my kids to college.  I’m thinking that maybe I can harness the power of the cold to make some extra cash for those things.  It was -20 this morning so if I can do that, maybe the kids can avoid the low-paying job after all.