Homeowners across the country are rushing to refinance their mortgages after Tuesday's Federal Reserve interest rate cut.

The national average on a 30-year fixed mortgage is just over five percent and that's the lowest since the 1960's. Some rates have fallen as low as nearly four and a half percent.

The refinancings could put billions of extra dollars in the pockets of Americans, but some experts believe that isn't enough to jump-start the economy.

Analysts say the lower rate is not a cure-all for borrowers already facing foreclosure, but will help those homeowners looking to get out of adjustable-rate mortgages into a fixed-rate mortgage.