It's a great time to buy a new home or refinance your debt.
Interest rates are the lowest ever for 30-year fixed-rate mortgages, according to Freddie Mac's Primary Mortgage Market survey.
"This is an excellent time to refinance your current mortgage loan; it's an excellent time to buy a new house. This is a great time to get out there and make a move. You will hardly ever in your lifetime see rates this low again."
Rose Oswald Poels, Senior Vice President of the Wisconsin Bankers Association , says rates could go down even more, but then again, they could jump right back up again. So, don't dawdle. If your current rate is pretty good, is it worth refinancing?
"Usually you'd like to have a half a basis point spread between your current interest rate and what you would be able to lock into. But you would also need to look into closing costs as well. How much is it really going to cost you to refinance? … and take that into consideration."
Also, Poels says not everyone is eligible for a line of credit to get a new mortgage or refinance.
"It may mean that you either have to pay more at closing or agree to a slightly higher rate than what you might see advertised."
The national average interest rate for 30-year mortgages is at the lowest level since 1971, at 5.19%. Poels has already seen some rates as low as 5%.
The 15-year fixed-rate mortgage averaged 4.92%.