The low 15-year rate meant that homeowners could book substantial savings by refinancing from their current 30-year fixed rates. Homeowners with 5% 30-year mortgages who switch to 2.6% loans 15-years would pay $21,000 in interest for every $100,000 borrowed over the course of the loan, compared with $93,000 in interest on the 30-year loan.
"There's no better way to welcome the spring home-buying season," said Keith Gumbinger, vice president at HSH.com, a mortgage information company. "But [there's] not much inventory available. Some sellers may be holding out for higher prices before putting their homes on the market this spring."