u/CreamEfficient9815

We bought the house last year at 6.875 rate on a 30 yr fixed conventional loan. Seeing rate might have dropped compare to when we closed, I reached out to Rocket just to see what the rate like.

I’m offered with FHA 5/1 ARM for 4.99 rate, estimated closing costs is nearly $20K, and this will reduce my monthly payment from $180 to $280 for the first 60 months. (Depending on the mortgage insurance, I am currently paying about $40 each month for PMI, and Rocket quoted me $150, the agent said they’ll try to match as best as they can)

We are not planning to move. Is it worth to refinance with this term and rate?

If you have recently refinanced, can you share your rate as well? Super appreciated!