absolute lowest possible rate, the lender gives me a rebate that covers closing costs, which are the whole reason I never refinanced to remove PMI (I didn’t think we’d likely stay in our house long enough to realize the value of the refi). Because we originally had a 4.125%, our new rate still lowers my payment and removes my PMI. All in all, it saves me $300/mo. (so what I pay on my appraisal will be made up for in a month or two).