Should I wait a little longer to refinance? I might actually get a lower interest rate. Correct me if I'm wrong?

Sharing from personal experience! Yes, you can possibly get lower interest rates if you wait. But for us, we refinanced last year because we felt the rate offered was pretty low already and probably wouldn't drop further.

We were also a bit worried that if we waited, the promotional rate may be over. Of course with hindsight we knew this was not true.

But in honesty, the rate has gone down by very little. And we have been saving on interest payments for a good 6 months now.

So to us, the benefits of getting it done ASAP were more for peace of mind and so we could start paying less in interest as quickly as possible.

I am 99.99999% sure it is already rock bottom.

However there's always a chance I may be wrong.

I have been in this industry since the last recession and have never seen rates lower than this.

Personally, I believe this anomaly will correct itself. What happened in the last recession was these low rates only lasted a year before returning to the norm of 1.6%-1.8% by 2010.

Of course, I hope to be proven wrong, as low interest rates means homeowners get to save even more money for a longer time.