Rates on 30 year mortgages plunged to record lows this past week after the Federal Reserve launched a new effort to prop up the housing market.  You can now get a conforming 30 year fixed rate loan for 4.5%!  The guidelines have tightened so you will still need a good FICO score (think over 720) along with other strong qualifying factors.  Many lenders, after laying off workers in droves, don't have the capacity to keep up with a refinancing boom.  Most lenders are already swimming in applications so many consumers will need to be patient.  For the best service, please contact Jim Black at Countrywide Home Loans in Danville, he can be reached at 925-285-4898.