I live in San jose California and I have a conforming 30 year fix loan with a 6.4 interest rate. some people think this is a great rate other are telling me that I should refinance. I want to refinance but it seems the rates keep getting lower.. should i refinance? any body?

depending on your fico score and what the value of your home is.  but if you can get at least 1 point under your current rate.  I think it's worth refinancing.  friday I was getting qoutes for 5% with no origination and no points.  depending on what you currently owe but that's a big difference in monthly payment.  going from 6.4% to 5% is huge.

It certainly depends on your own personal situation, but there are much better rates now. I'm also from San Jose and refinancing right now from my current 30 yr 6.327% to a 15 yr 4.875% One situation is that we've had to deal with is San Jose properties have taken a hard hit in property value and the home we just bought last year has dropped in value significantly that has made it difficult to almost impossible to refinance if we didn't have some savings to help lower our loan amount and cover closing costs.  Lots of things to consider, refinancing can be costly at first but really pay off in the long run. We are happy to get such a great rate that we can afford to pay off our loan in 15 yrs instead of 30 yrs it will save us nearly 200k in the long run.  There are some Mortgage Professionals here that may help you and give you more information but I am sure they will need more information from you or speak with a local loan officer. Good Luck!

Refinancing from 6.4%?? Yep, do it. Look me up in the directory if you ahve a min 740 fico, 80 ltv and qualify based on two years W2 income.

Look at how much the refinance will cost you and how much it will save you depending on how long you're planning on staying in the house.  Rates may get a little lower, but historically these are as low as they've ever been, so if you can save a lot now than don't wait.  What happens if they get back up to where you're at now and you miss out?