ANSWERS: 2
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The US is now in recession and heading for depression. The interest rate will be cut again so you won't lose anything by waiting for a couple of months. Though the next cut will not be as large, around a quarter of a percent.
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I don't see any reason not to refinance as often as possible. I know my parents do it whenever interest rates drop, they claim they've refinanced their mortgage several times in the 6 years they've owned their current house.
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