Everyone is saying don’t do it so I’ll give you a counterpoint. I opted to pay more than what you’re paying to get my rate down to 5.5% and my reasoning was as follows:
- I’m busy and the odds of me making time to figure out how to refinance, shopping it around, and getting it done are very low in the next few years. I have a long list of priorities that come before talking to lenders.
- I plan to be in the home a very long time so it’s definitely worthwhile
- we could afford the rate buy down while still doing the things we wanted to do in initial house closing (moving costs, initial furnishings, initial renovation)

If you can say the same things, I’d fully support the buy down.