Interest Rates Drop Below 5%, Time For a Refinance Boom?

Short and sweet! Junk mail has been hitting my inbox for about a week now talking about an expected "refi boom". Well, that looks more and more likely.
Today, the 30 year fixed rate has officially dropped below 5% and made itself available at 4.75% at Service First Mortgage. Speculations are that expectations for the short term, 2-3 months, rates will be moving up above what we have seen in the recent 10 years. If you are looking to refinance your ARM, or even a 6.5% or higher fixed rate, don't get caught on your heels. The experts were right when they said we'd see rates below 5% in the coming months, as today's rates prove their hypothesis correctly.