Rates remain historically low in the U.S., so if home owners can refinance this is a great time to do so.  From my state association,

Freddie Mac reports that long-term mortgage rates moved south again this past week. Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent the previous week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent the prior week and 4.63 percent a year ago. Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.

In other news, loan modifications are under fire by some companies.  BlackRock Inc. says the government program HAMP is encouraging home owners into strategic defaults rather than loan modifications.  Instead, the company wants to see Congress pass a temporary bankruptcy that would eliminate second mortgages before addressing the first mortgages – which remain unmanageable when the second one remains.  This should prove interesting if Congress listens.

Have a great, debt-free weekend!