A guide to mortgage refinancing as rates hit lows

Never have average rates on long-term fixed mortgages been as low as they are now: 3.91 percent for a 30-year home loan and 3.21 for a 15-year loan.
The new lows mark the eighth straight week in which the average on the 30-year loan has hovered near 4 percent.
Those rates make now a tantalizing time to refinance. And, with home prices having sunk in most areas of the country, many would-be buyers are tempted, too.
Yet the pace of refinancing and home buying has been mostly unchanged over the past year. That's mainly because so many Americans lack the home equity, credit scores or cash to refinance or buy. Many who do qualify to buy or refinance have already done so.
Here's a look at whether and why it makes sense to refinance or buy.

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