Mortgage Rates Officially Hit a 2.5 Year Low

30-Year Mortgages Hit Lowest Rates Since 2005
Long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline.

According to Freddie Mac's numbers, average interest on 30-year fixed loans settled the week at 5.69 percent—the lowest level since July 2005. Other rate declines include:
15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago.
5-year adjustable-rate average retreated to 5.4 percent from 5.63 percent.
1-year ARMs fell to 5.26 percent from 5.37 percent..

This may be a good time to refinance your home. Call your lender and see if you can do a cost free refinance (make sure they are not rolling the costs into your loan). Many lenders will do refinances at little or no cost in order to retain their current clients. Or if you have a home equity line that is adjustable - now may be a good time to roll it in with your 1st mortgage in order to fix the rate on both. Just a thought.