Refinancing your home in 2011 may be just the thing to do as mortgage rates hit an all-time low last year. The popular 30-year fixed-rate mortgage fell to 4.19 percent in early October, but has since risen to 4.74 percent, according to figures from mortgage financier Freddie Mac.

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Last spring, the US government launched a housing relief program designed to help millions of U.S. homeowners, but so far only approximately 85,000 have used the program to refinance. haven’t benefited from that because they can’t — or won’t — refinance.
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Many Americans took advantage of the super low mortgage rates over the past year to refinance their home loans, but some eligible borrowers haven’t made the leap. Is it now time to refinance before these rates are gone forever?

Often that reluctance to refinance stems from the fact that interest rates on their adjustable-rate mortgages have fallen below 3% — a better rate than they’d get by switching to a fixed-rate loan.

For now, anyway.
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