Here's the answer in Biz Writer Extraordinaire Tricia Bishop's really good story today.

As Tricia says, a wave of consumers wondering that very question rang up mortgage companies everywhere because: "Rates for 30-year fixed mortgages hovered around 5.5 percent Wednesday, with some dipping into the 5.25 percent range early in the day, according to area brokers. That's just a hair above the record lows recorded in June 2003, when the housing market was flourishing."

But before you rush to refinance, be warned that the rules are pretty different now. Let's just say that you better make sure your credit is pretty good. So if you owe more than your house is worth, have little to no equity in your home or can't prove how much you earn every year, this refi-rush will likely pass you by.