Wow, mortgage rates are currently around 5.5% which is a 4 year low. And many are rushing to refinance, and some to buy, at these lower rates, which is the smart thing to do. Many are predicting rates may be down to 5% by year end and the fed is pushing for 4.5% rates. All very good for buyers and refinancing. "IF" you can qualify. Standards have also gone up and it may require very good credit and 20% down payment to get those lowest rates. Refinancing is difficult because of declining home values, many people (estimated 12 million)are "upsidedown" because their home has lost so much of its value over the last year or so. No chance to refi at these low rates unless you have actual equity in your home. Just a small bright side to an otherwise very dark cloud over the real estate market.