Last week, Bankrate.com reported very favorable rates, with the 30-year fixed remaining unchanged from the previous week's record low.

The benchmark 30-year fixed-rate mortgage remained 4.88 percent last week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 5.76 percent; four weeks ago, it was 4.96 percent.

In the nearly 25-year history of Bankrate's weekly rate survey, the 30-year fixed has fallen below 5 percent just five times. And all five times were the last five weeks.

Meanwhile, the Mortgage Bankers Association reported that three-fourths of recent financing applications were from homeowners who wanted to refinance.

[SOURCES: Bankrate.com; Mortgage Bankers Association]

Jenny Markham Email Jenny   Phone: 615-859-7150 Ext. 599 Cell: 615-812-4174 Fax: 615-431-2514 Address: 505 Johnny Cash Parkway City: Hendersonville State: Tennessee 37075