The rush to refinance mortgage loans.

[flippinout]

All over the country, borrowers are rushing to refinance their mortgage loans at the lowest rates in since the early 1960s.

Brokers are reporting a big surge in phone calls from borrowers who want to take advantage of the Federal Reserves actions of earlier this week.

Mortgage brokers, earlier this week, quoted mortgage rates of 4.5 percent for people with large downpayments and a great credit record.

It is said that the falling interest rates will mean that Americans could find billions of extra dollars in their pockets which would be beneficial at a time when most people just arent spending much. Although, experts dont believe that this action will be enough to jump start the economy.

[flip_it_fast]

This is awesome for those who are paying outrageous interest rates right now. This will benefit a lot of people. I do know that it is still hard to get new loans right now. Even for smaller amounts of cash such as $5,000. Banks seem to be following a very strict set of guidelines for who can qualify and who can't.