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Mortgage rates are down to about 4.7 percent in New York, which can translate into hundreds of dollars in savings each month for some who refinance.

Schumer said in a conference in Turtle Bay, Manhattan that the same predatory lenders that caused the subprime mortgage crisis are still out there, waiting to take advantage. He said he's reintroducing the "Borrower's Protection Act" in the Senate to impose stiff penalties on predatory lenders.

"This excitement surrounding the low rates leaves homeowners wide open to be taken advantage of by the scam artists," says Schumer. "We've all seen those ads - 'Free financing, no money down, low fees, low credit scores, limited documentation.' When you see those kinds of ads, be careful."

Schumer says the three key warning signs of a mortgage scam are:

• Failure to disclose rates, terms and closing costs.
• Requests to sign false or blank loan forms.
• Promises of no or low fees in exchange for "slightly higher payments."