Rates on 30-year, fixed loans are about 5 percent — the lowest since Freddie Mac began tracking rates in 1971 — and some say the rates may go lower yet. In other words, it's a good time to refinance. Here are some things to think about.

• Use a refinancing to reduce monthly payments, consolidate debt, tap built-up equity or switch mortgage products.

• Shop around among brokers and lenders to find the best deals or seek a "loan modification" from your current lender.

• Don't be stopped by the traditional rule that borrowers must reduce their current rate by at least 2 percentage points to benefit.

• Consider how long you plan to stay in your home to help determine when — or if — you will save money.

• Consider the effect of closing costs, which include appraisal, title research, title insurance, credit check, attorney review and inspection fees and transfer taxes. Some costs could include loan points — one point typically equals about 1 percent of the amount you borrow.

• Consider that most lenders will let you borrow about 80 percent of your home's current appraised value.

• Calculate estimated savings and costs using an online calculator, available through sources such as bankrate.com or hsh.com.

Sources: HSH Associates; Adam Financial Associates Inc.