We keep getting flyers and calls asking us to refinance. I keep asking the sales reps for good reasons I should do so. I'm 71, there are no plans to move. We don't need any extra cash my heir would have to repay, especially if/when the housing market downturns.
The area we currently live is dependent on three things. 1) Tourism, which doesn't drive interest rates, but does affect some prices. 2) Military, which I believe drives some housing rates as well as the cost of living. 3) It's also a fairly large retirement area which once again affects housing prices.
I'll throw in a fourth factor here. Prices for housing in DC, even though it's about three hours away you can see the market moving out of the DC suburbs toward Richmond which is about a 2 hour train commute and still less expensive. The Richmond suburbs are expanding in all directions. As are the Norfolk, Virginia , Newport News burbs. We're caught in the middle.