Freddie Mac drops some  (well known) knowledge:

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates easing to new all-time record lows for all products covered in the survey … The average for the 30-year fixed mortgage rate has been below 4.00 percent for six consecutive weeks.


30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.7 point for the week ending January 12, 2012, down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.

These depressed rates seem to have had a good impact on allowing certain qualified homeowners to refinance and lower their payments, but Government Sponsored Entities (GSE’s) like Freddie and Fannie should lessen the home equity requirements that are facing a segment of borrowers.