Mortgage interest rates are rather low right now, and this is causing a surge in mortgage applications. And while Fed rates do not have a large impact on mortgage interest rates, they do have some impact. Additionally, the real estate market is providing a variety of opportunities, reports the Los Angeles Times:

"Steep price declines in many areas coupled with historically low
interest rates may be inducing buyers to get off the sidelines," said
Lawrence Yun, chief economist with the National Assn. of Realtors.

In addition to new buyers looking to take advantage of the lower mortgage interest rates and buyer’s market prices, now is a good time to refinance, and many are looking to lower their rates on fixed rate mortgages, as well as adjustable rate mortgages.