More Free Coffee!

Interest rates are REALLY low right now. As Mortgage Brokers, we refer to rates in 'basis points'. Example, 1.0% is 100 basis points. Let's pretend your current mortgage rate is 3.39%. However, you are thinking about refinancing to take advantage of today's low rates. Your trusted Mortgage Broker advises you that there is an amazing rate special out right now where you can get 2.89% on a refinance (with all fees covered by the new lender)! 

Question: How many basis points would you be saving in the above scenario on your interest rate?

As usual, the first person to text or email me the correct answer wins a $15 Starbucks gift card!!!