Should I remortgage my home beside the contemporary Rate Cut? I currently hold a fixed rate of 5% - Two segment press!?

Part 1 - With the new rate cuts I was wondering if I should remortgage my home loan. I currently enjoy a 30 year fixed rate at 5%. I've been paying on the loan since the last quarter of 2003. My points are gone too.
Part 2 - Between self house poor and paying for my own wedding I also have a home equity loan. That is also a fixed rate loan at in the region of 8%. It's a 10 year loan that I've been paying on for a little over 3 years.

If nearby is an article to link my to I'll take that also if I will salvage someone time typing :)
Answers:
HECK NO!! Don't touch that first mortgage. Refi the second on an equity line at prime plus zero, (assuming you hold good credit) the payment will be lower. Don't touch that five percent first! Source(s): Mortgage Banker for olden times 10 years.
I work for a bank and we asked our mortgage rep the same examine. She said that it would only be beneficial for people to refinance if they are above 8.5%. Source(s): I am a Consumer Banker

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