Interest rates are dropping to their lowest levels in years, causing many homeowners to rush out to their nearest banks for refinancing.
Bank officials say interest rates are dropping to the lowest levels in 20 years and their is no better time than the present to refinance.
The VP of Case Credit Union Mark Emmert says mortgage rates are currently near the 6 percent mark, with short term benchmark rates around four and a quarter percent.
Emmert adds as supply and demand increases, so might the interest rates. The more people who look to refinance, the more expensive it will be to do that.
Homeowners say refinancing saves them money, which can be used for remodeling, investments, or their children's future.