This is pretty amazing: 30 Year mortgages are now 4.15%; 15 year mortgages are 3.51%. Here’s the Bucks blog:

Back in June, in a post about adjustable-rate home loans, Bucks mused about how nice it would be to have a mortgage interest rate that began with a “3.” The way things are going, that time may not be far off for fixed-rates loans, as well.

Mortgage rates reached record lows this week, according to the weekly market survey from Freddie Mac. The average rate on a 30-year fixed-rate loan fell to 4.15 percent, with borrowers paying an average point of 0.7 percent. That rate is down from 4.32 percent last week.

It is “the lowest in over 50 years,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a news release. The survey’s previous low was 4.17 percent in November 2010.

-Mortgage Rates Hit 50-Year Low ^[1], NYT

Regardless of the economy, if you own a home and can refinance, you should consider it. In NY state, we have CEMA loans (CONSOLIDATION, EXTENSION & MODIFICATION AGREEMENT) which do not require new mortgage filing taxes, a hefty 0.8% of loan amount. Note this only applies if you refi with the original sender.