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Mortgage Rates Bottoming?

I’ve started to see the 30 year rate get down to 5%, and the 15 at 4.75%.
It’s time to at least gather up the necessary documents and get prepared to jump on a refinance. The banks should be asking for the last two years’ tax returns, two years of bank statements, and last two pay stubs to get started. As rates came down, during the last cycle ending in 2004, I refinanced multiple times, and had my paperwork at the ready. I hope we’ve learned the lessons about ARMs (adjustable rate mortgages) and the risk that they bring, otherwise, the next cycle of rising rates will end just as badly as the previous one.
Joe

(*Note: as of this morning Freddie Mac reports 5.10%/4.83%. The rates vary a bit by region and bank.)

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