After 5 consecutive weeks, the 30-year fixed rate mortgages was at 5.36% at the end of June 2009. However for 3 weeks in July, the rates started to ease and this week it averages 5.14%. Refinancing activities had decreased when mortgage rates was climbing up in June 2009 but last week, application for mortgage refinancing rose 4.2%.

According to data compiled by Bloombarg, the global  economic meltdown caused by sour mortgages has cost the world’s financial firms nearly $1.5 trillion in losses. Currently Federal Reserve Chairman Ben S. Bernanke is trying to lower borrowing costs with a $1.25 trillion program to purchase securities backed by home loans.

Before you decide to refinance your existing mortgage, there are a lot more aspects to consider besides the low interest rate. Here are some posts I have written that you may find helpful in your decision making.

- Mortgage Refinancing: It’s All About Timing

- Low Mortgage Rates: Not Enough Reason To Refinance

- Refinancing Costs You Should Be Aware of Before Refinancing

- Mortgage Refinancing: Avoid 5 Costly Mistakes

- Four People Who Better Not Apply For Mortgage Refinancing

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