Mortgage rates fall to record lowsPosted: Updated:
Mortgage rates are currently at record lows.
The average rate for a 30-year mortgage fell to 3.66 percent and 15-year rates are down to 2.98 percent.
As a result, mortgage applications surged more than 49 percent this week.
Mortgage experts say it's also a great time for homeowners to refinance their mortgages.
Some Long Islanders News 12 spoke with say they are going to wait to refinance because they believe the rates will slide even more. Experts say that's not a good idea.
"If you're looking to refinance and you think you're in a position to refinance, don't wait on it because it's not going to be here forever," said Nicholas Racanelli, of Mortgage Advantage.
According to the Mortgage Bankers Association, people refinancing their mortgages made up two-thirds of this week's application surge.