Mortgage rates are falling and home buyers can get loans at historically low levels. But there is the other end of the spectrum, the people who take advantage of the low mortgage rates and refinance their existing home loan.

This morning Firstbank Corporation reported its 2009 first quarter results of $0.16 per share and said that sharply falling mortgage rates resulted in strong refinance activity which offset some of the losses from the real estate.

Many people can't seem to figure out which is better, loan modification or mortgage refinancing, making it difficult to decide which option they should choose. Both of these options can help someone with an unaffordable mortgage but both seem to take some time to get into as there is lengthy application processes involved with both.

All time low mortgage rates have prompted many existing homeowners to refinance their mortgage loans to take advantage of the low mortgage rates and reduce their monthly payments. However, there are certain steps that need to be taken before you consider refinancing your mortgage.

Late yesterday Freddie Mac released the its Mortgage Market Survey® in which the 30-year fixed-rate mortgage averaged 4.87 percent for the week ending April 9, 2009, which was up slightly from last week where it had averaged 4.78 percent. The current weekly Freddie Mac mortgage rate average is still considerably lower than last year at this time when the 30-year fixed rate mortgage averaged 5.88 percent.

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 3, 2009. It shows an increase in mortgage applications and mortgage refinance. The four week moving average of the rise in mortgage and refinance applications is already up 13.3 percent.

The Financial Times is reporting US banks scramble to refinance maturing debt.

The Bush Administration has approved modifications to the FHA Secure program that will help even more struggling homeowners while reducing the risk to tax payers.

Recently, the Bush administration announced that it will allow FHASecure to assist more homeowners who are having trouble keeping up with their high-cost subprime adjustable rate mortgages. Starting on July 14, 2008, HUD will ensure a fair and flexible premium pricing structure to help homeowners who have missed up to three months worth of mortgage payments in a year, and who can no longer afford their mortgages.

With interest rates low and home values up, is now the right time to refinance your Reverse Mortgage?

Mortgage applications nearly doubled last week after the Federal Reserve slashed interest rates by 0.75 percent last week.

Cash out refinance is a mortgage idea that house owners are applying these days. This loan can be better defined by relating it as the blend of home equity loan and a refinance loan.