Mortgage rates have hit their lowest point in more than two years, as Fed officials made it crystal clear that the central bank will cut short-term rates next week.With rates falling, there seems to be a modest increase in applications from homeowners who want to refinance their mortgages. Some 56 percent of applications last week were for refinances, according to the Mortgage Bankers Association.

Here is a great step by step to refinancing on eHow.com.

Labels: federal reserve, Financial How-To, how to refinance