Refinance Mortgage RatesRefinance mortgage business is in full swing, due to the current recession. Those who have excellent credit should be taking every effort possible to get in on the savings that is now available. Mortgage rates are extremely low and you can save literally thousands of dollars right now.Mortgage rates are low due to the value of the U.S. dollar and the current mortgage foreclosure rate. Currently the mortgage foreclosure rate is at an all time high. So many folks were led to sign up for sub-prime mortgage loans a few years back and this has driven the foreclosure rate out of site.Sub-prime mortgages are designed for short term lending and you hopefully can afford a much larger home for the initial purchase and then later, hopefully, you have either decided to move or refinance to a fixed rate mortgage once your property has appreciated in value, allowing you to refinance using the market value of your home to offset refinancing costs. Unfortunately, the real estate forecast was not expecting our economy to take such a sour turn. This has caused otherwise good credit worthy homeowners to be upside down in their home’s equity.Mortgage refinance is as common as any daily business transactions and usually is a smart way to manage your long term financing. Allowing your money and your investments to work for you is really a smart strategy, but unfortunately, predicting how the economy is going to progress and react to certain market conditions is a gamble.For those who are upside down with their home market values, this is a bad time for sure. Finding quick solutions is difficult and so many homeowners are running out of alternatives to finding a way to recover from the current market status.One way to hedge your mortgage situation is to offer incentives for a buyer to purchase your home to avoid foreclosure and ruining your credit. If you throw in a car, a boat, or maybe an RV, then a potential buyer will choose your property to buy over other homes in the same area or price range. Folks these are tough times and being smarter than sentimental is the right choices to begin making.Refinance mortgage rates are attractive and if there is any good news to be found here, then if you can refinance now, if it has become too late for your financial gains, then be creative and get out before succumbing to a longer period of financial downturn. This is not our first downturn in our mortgage history and we will rebound for sure, how long and where you come out requires doing some unpleasant decision making right now.