It was about 5 months ago that oil prices set a record $147 per barrel. Today, they’re less than $45, thanks to reduced demand. Meanwhile, gas prices fell from a painful $4 a gallon to around $1.66 in the U.S. (And some analysts think they’re heading to one dollar per gallon.) Credit Counselors advise that energy prices should boost the economy in 2009 as opposed to crippling it in 2008. JPMorgan Chase economist James Glassman estimates that the drop in oil prices represents “a boost equivalent to a $350 billion stimulus.”

Falling faster than gas prices are mortgage rates. Rates for a 30-year, fixed-rate mortgage fell to an extremely low 5.19. That should help housing affordability and the ability of current homeowners to refinance their mortgages. Before refinancing your home, it is a good idea to pull your credit report to make sure there are no mistakes on it. And even more good news could be on the way if you don’t mind Uncle Sam borrowing billions more for yet another bailout: The Treasury Department is reportedly considering a plan to push mortgage rates as low as 4.5% for new homebuyers and, perhaps, even for current homeowners who want to refinance. Maybe there is some light to the end of this long, dark tunnel.