Never before in our recent financial history have mortgage rates been so low. One of the most popular mortgage types, the 30 year fixed, is at just 4.43% at weeks close. It is remarkable how low rates have come down in the last few years. Even some of the best financial experts out there didn’t see this coming. Having said this, now is probably the best time a family or individual will ever have to refinance their higher rate mortgage. Literally hundreds of dollars a month can be saved on a typical mortgage payment for every 1% decrease in the rate. The cost of refinancing can be made up in a matter of months for most families.

Even though the opportunity is out there to refinance, most banks are having trouble keeping up with the work load. The number of mortgages being requested rivals that of about 5 years ago when we had the housing boom. Banks simply do not have enough staff to keep up with the constant flow of requests by borrowers. Because of the still ailing economy, they are hesitant to employ more loan officers since risks still persist in the market.

Experts suggest persistence, and advise borrowers to shop around. If one bank doesn’t get back to you immediately, try another. The loans are out there if you are persistent and patient.