The housing market is where we first started to see the inkling of a recession. For several years, lenders had offered mortgage options for those with less than perfect credit, including adjustable rate mortgages and $0 down payments. The result of which is our current real estate market. Homeowners began having trouble keeping up with monthly payments and foreclosure listings began to skyrocket. Austin has increased as well, though not nearly as badly as other areas in the country. Home values have remained fairly steady in the area. The crisis has brought down loan rates for both new mortgages and refinancing options. It is this side effect of the real estate crisis that has increased the number of new mortgage and refinances applications. According to the Mortgage Bankers Association, applications went up more than 11% nationally for the week ending March 6 from the previous week. That is up 5.7% from a year ago. Of these applications, about 68% are requests for refinancing. The low rates have given homeowners the ability to refinance at a rate of around 5% for a thirty year loan. Fifteen year fixed rates are closer to 4.5%, sparking the increase in applications. As lenders begin to use more traditional methods of credit and loan practices, the real estate market is expected to level out. It is now considered a great time to buy for those able to do so. Many experts feel at this point that up is the only way the real estate market can go.