In the Maui news on Friday May 28, 2010 it was reported that Loan applications surged on the announcement of the interest rate reduction. The article went on to say that the window of opportunity for low interest rates may close soon. The average 30-year fixed rate loan sank to 4.78% and 15 year lonas are at their lowest in two decades. One analyst says “strike now”. Intrest rates may not be this low for long. It is a great time to buy and a great time to refinance.