All these talks of the housing market falling deeper and deeper are enough to scare people from purchasing a home or refinancing their interest rates. Not to mention, credit ratings are down and home equity have been lost in the past two years and a half. Yet many industry experts say that now is the best time for buying and refinancing with mortgage interest rates being at an all-time low.

Lenders are pushing the rates even lower than they were in the past years. As noted by CEO Kyle Markland,St. Paul’s Affinity Plus Credit Union is now offering 30-year fixed rate loans at 4.25% interest. Wings Financial, another credit union that is based in Apple Valley, has a five-year adjustable mortgage for 2.75%. These mortgages promise big savings over a home loan’s life.

The statistics, though, show that demands are down for a number of reasons. Last year’s low rates, ranging from 4.75 and 5 percent, boosted refinance and new-purchase markets; first-time home buyers also took advantage of the tax credit. All these flurry of activities reduced the number of potential refinancers.

Another reason for the low demands is the still unstable housing market. Appraisals on homes are 20 to 40 percent below the 2008 levels. This has erased much of the equity built by homeowners.

The figures are not all that grim, though. Many homeowners are still happily taking advantage of the low interest rates.

Application for new mortgages has doubled in the last two months, admits Schweiso. Even TopLine Credit Union CEO Harry Carter shares that demand tripled as compared to the average of the first half of the year.

Even with equity and credit concerns, homeowners should still try and knock on the doors of their banks and lenders. The Federal Housing Administration is offering programs that will help owners lower payments. Even banks are extending aid in repairing weakened rating in as fast four to six months.

People should stop worrying about the predicted fall in house prices, says Schweiso. Instead, people should start grabbing on to the opportunity being presented at the moment.