Experts predict a mini refinancing boom, as the 30-year fixed mortgage rate has hit a 10-month low of 6.15 percent.
The Mortgage Bankers Association says refinancing accounted for about half of all home-loan applications last week, and the number could rise if mortgage rates decrease further.
JP Morgan Chase economist James Glassman, for instance, speculates the 30-year mortgage rate could fall as low as 5.75 percent in the coming months. While many borrowers are refinancing out of adjustable-rate, payment-option and interest-only loans, Amy Crews Cutts, Freddie Mac deputy chief economist, says some are refinancing to extract equity.

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