BANGOR (AP) – Maine bankers say interest rates that have been falling since late November are sending a rush of homeowners in to refinance.

Maine Savings Federal Credit Union President John Reed says the volume of applications has been “incredible.” In the last three weeks alone, Reed says the credit unions did almost 50 percent of what they did all of last year.

Bangor Savings Bank says it’s noticed a quadrupling in weekly refinancing applications since the interest rates started falling. Merrill Bank and TD Banknorth also report a significant increase in residential mortgage refinance transactions.