EL PASO, TEXAS -- Thirty-year fixed rate mortgages have reached a record low, creating a sudden boom in refinancing across the country, including here in the borderland.

For the second straight week, the average rate has dropped now near 5 percent. Local bankers said the number of applications is rising fast.

Much of the nation blamed Congress for doing too much to bail out the banking industry, but that help is coming back to homeowners and mortgage holders.

Pat Carmona, mortgage officer with Government Employees Credit Union, said new low rates are bringing in more customers.

“Our mortgage loan officers are super busy with people actually coming in,” Carmona said.

Those looking to refinance must keep in mind there are closing costs involved, so if you can lower the rate by 2 percent, it's worth it. Even those with low credit scores can benefit.

“Our worst rate on a 640 credit score, on a 30-year, is 6 percent. On a 15-year, it is 5.75 percent,” said Carmona.

The nation's credit crunch even prompted Carmona to take advantage of the new rates, after 25 years in the business, she is getting a home equity loan -- refinancing her first lien and more.

“I’m refinancing that first, plus getting some other monies to pay off some credit cards that are at adjustable rates. I’m refinancing all of it in five years at 4.875 percent so I'm excited. I am probably improving my cash flow by at least $1,000 a month," she said.

Carmona said don't wait too long if you need to refinance because if consumers get too behind on bills or the mortgage, it's harder to get them approved for a loan.