I've been following mortgage refinance rates over the last few weeks. During the last 2 weeks rates for a conventional 30 year fixed rate mortgage have fallen from the 6.xx% range to the 4.xx% range. The steep and quick decline is a result of the federal bail out. By one theory, rates are expected to decline however briefly to about 4.5% in the very near future. On Wednesday (12-10-08) I saw a quote from 2 banks (Countrywide and US Bank) of 4.875% where the day before the same banks were advertising 5.25%. Today (12-11-08) US Bank was offering 4.75% and Countrywide was offering 4.625% Other banks are making similar offers.
If you or someone you know may benefit from this opportunity it is a good time to contact a banker. Here is a recent news article on the topic: http://www.msnbc.msn.com/id/28039392/