As the Wall Street Journal reports, Mortgage Rates have officially fallen below 4%. I must admit that I never thought that the mortgage rates would fall this low and have been somewhat surprised. Crossing this level marks the lowest home loan rates ever (In the early 1900's people typically get 30 year loans---Not until the government started stepping into the system and working on securitizing the mortgages did the durations start climbing---And for the last 30 years the APY's have started falling.
In my opinion, these low rates have helped to keep home prices from falling further. I still think that if rates start climbing up to 5% or 6% housing prices could come down further. So my advice is that if you currently own your home and have enough equity to refinance, you should consider refinancing.