Currently, rates for a 30 year conventional mortgage are approximately 4.875 (15yr, 4.25) with no points or origination. Also, the market for jumbos (over $417,000) has recovered somewhat making an upper bracket purchase or refinance much easier.

Many consumers have home equity loans which originated before lending institutions included interest rate floors in the terms. While it’s great to be paying 2.5%, sooner or later rates will begin to rise. When they do, the long term rates now available will be a relic of the past.

Even if you decide to keep your current mortgage or home equity arrangement, now is a good time to talk with your banker or mortgage lender and see what alternatives are available. Many institutions are offering refinance deals for current customers.

We solicited comments from a couple of local mortgage lenders: