Mortgage Rates Fall To Lowest Levels Since 1951

The real estate crisis has prompted the government to keep mortgage interest rates at significantly low levels, allowing struggling homeowners to refinance their loans and luring prospective home buyers to the market. Current mortgage rates sit at their lowest level since 1951, making now a good time for consumers to refinance their current home loan, according to The Associated Press.

Millions of Americans are struggling to meet their mortgage obligations, as evidenced by rising foreclosure rates and short sale transactions, and an increasing number of homeowners enrolling in debt relief programs. Refinancing while the rates are low may allow homeowners to save hundreds each month on principal and interest payments and thousands over the long run.

Consumers should check their credit score to make sure they qualify for a refinanced loan. Homeowners should also speak to their lender directly and notify them that they are shopping around for a new loan. Lenders will be more likely to reduce a customer's fees and application expenses if they know the homeowner is serious about refinancing.

Even if a homeowner doesn't meet the credit score requirements, they should speak to their lender directly to find out if they qualify for other programs which may reduce their payments.