Mortgage rates have touched their lowest since the last forty years. Brokers are saying that may people are looking to take benefit of this record low by refinancing their home loans. The mortgage at fix rates was at 4.56% on last Thursday.

According to the brokers in South Florida, very few people would be able to draw the loans, as currently unemployment is rampant and property rates are low. Such circumstances have made it difficult for the borrowers to get the loan, as they are required to show all the bank histories in order to give evidence of their ability to repay the loans.

Claudine Claus, Owner of Home Financing Center has said that the business of refinancing mortgages has reported an increase in the business by thrice in the last one month.

Among all the people rushing for refinancing mortgages are those who were not the victim of housing rates, when recession in the U. S was triggered.

"There are a lot of people who purchased homes before, who bought from 2002 to the 2005 peak in market”, said Andre Brooks, in charge of Wells Fargo Home Mortgage in Florida.

Lending Tree, an online lender, has also confirmed the increasing number of refinancing cases throughout the United States.