Should you refinance your mortgage to take advantage of falling interest rates? Here are some answers on interest rates and getting a new mortgage. How low will mortgage interest rates go? Lots of people are talking about 4 percent, down from today’s 4.98 percent average. I hope the market will not get locked up, as buyers insist on not refinancing their mortgages until rates fall to 4 percent. How quickly should you try to grab a better rate? At least one mortgage broker tells me that the drop will be very swift and short, meaning homeowners should refinance as quickly as possible. But you have to note that the last time the Treasury started buying up bonds, rates fell sharply at first, but drifted downard for more than a month afterward. Will you qualify? You can, for up to 105 percent of your home’s current value. Can you get the deal done? Mortgage companies and banks have cut and cut staff in the last year and a half. They are at bare bones staffing levels, I’ve heard. And yet I saw that applications to refinance loans surged 21 percent last week. So it may not be easy to put in your application, because there may not be enough workers there to handle it. Should I Refinance My Home?

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