Fed Rate Cut x 2=darn good time to refi!

Source: BaltimoreSun.com
If you can refinance and you can find a flat fee mortgage then you may want to strongly consider the refinance option.
Refinancing needsWith mortgage rates falling, many consumers are considering refinancing their loans. But the requirements are different in this post-credit crunch. Some things you’ll need:
• Good credit, with a minimum score in the mid-600s• No late payments on credit cards, mortgages or installment plans in the past two to three years• Home equity• Proof of income
“Rates for 30-year fixed mortgages hovered around 5.5 percent yesterday, with some dipping into the 5.25 percent range early in the day, according to area brokers. That’s just a hair above the record lows recorded in June 2003, when the housing market was flourishing.
When the Fed cut a key interest rate by three-quarters of a percentage point Tuesday, it had no direct effect on fixed mortgages. But it got consumers’ attention. That, coupled with the lower mortgage rates, which have been driven down by their connection to 10-year Treasury bonds, sent homeowners on the hunt for deals.”