Interest rates have fallen to new lows. Forecast to fall some more.

At our office meeting today, the mortgage experts from Guaranteed Rate gave us a quick rundown on what's happening in the market with interest rates. If you haven't been paying attention, rates on conventional 30 year mortgages have quietly settled down to 5.625%.

This morning, the The Fed lowered its federal funds rate, which impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans, to 3.5% from 4.25%. The Fed also lowered its discount rate, which is what it costs banks to borrow directly from the central bank, by three-quarters of a point, to 4%. This was the biggest rate cut by the Fed since October 1984.

The guys from Guaranteed Rate predicted that we could see home mortgage rates at 5.25% or 5.125% within a couple of weeks. Some major banks have also aggressively lowered their jumbo adjustable mortgages to match the new low rates on the conforming loans.

It may be time to start up the refinancing machine again.