Normally this report is measured, but it's hard to temper the current situation: we're in an unprecedented government credit explosion. Low rate bonanza. Full tilt refi boom. Best time for homebuyers who select the right deal.

CONFORMING RATES ($200,000 - $417,000) - 0 POINT
30 Year: 4.375% (4.49% APR)
FHA 30 Year: 4.375% (4.50% APR)
5/1 ARM: 3.25% (3.37% APR)

SUPER-CONFORMING RATES ($417,001 to $729,750 cap by county) - 0 POINT
30 Year: 4.625% (4.74% APR)
FHA 30 Year: 4.5% (4.62% APR)
5/1 ARM: 3.5% (3.62% APR)

JUMBO RATES ($729,751 - $2,00,000) - 1 POINT
30 Year: 5.25% (5.37% APR)
5/1 ARM: 4.125% (4.24% APR)

The ironic reason for this boom is that is that global developed economies are so unstable because of the last credit boom. But the late-1990s to 2007 credit boom wasn't just loose monetary and fiscal policies, it was also loose credit standards born out of sweeping financial deregulation. We all know the story: Home loans made to unqualified (mostly U.S.) borrowers underpinned bond funds around the globe and countless derivatives were created from those bonds-and it all crashed when home prices plummeted....