I configured a "tickler" email with a local bank to be notified when the 30 year fixed rate mortgage rate dropped to 4.875% or lower.  I received an email yesterday stating that the rate (4.875%) had been reached.  During a phone call yesterday with the bank, I was told that the rate dropped as low as 4.625% during
the day yesterday.  I'm awaiting the rates to come out today (11 AM).

Rates have only dropped below 5% a few times in many years.  Generally, the rates don't remain at that level for more than a few days.  If you are considering buying a new home or have a current mortgage with a rate a percentage point or higher than the current rates, it may be time to finance/refinance.  

Be careful of closing costs.  If you refinance with a different institution, you will be responsible for paying mortgage tax of 1% of the loan amount in addition to other fees.  You may want to check with the institution that holds your mortgage presently as they may be able to do what is referred to as a rate modification.   There are some fees associated with this refinance, but, it is my understanding that you will not be
paying the 1% mortgage tax if the amount is less than or equal to your original loan amount.

Just wanted to let folks know of the low mortgage loan rates.  Feel free to PM me if you want additional information.