Mortgage rates have been hovering near historic lows for five years. While the current average rate of 4.13 percent for a fixed, 30-year mortgage is not the lowest it’s ever been — that was 3.35 percent in December 2012 — it’s still lower than at any time between 2010 and 1971, when Freddie Mac started keeping records.

Exactly when rates will rise significantly is anybody’s guess, but there’s no question that will happen. This could mean you’ll never see a better time to lower your mortgage rate and your monthly payment by refinancing — but if, and only if, refinancing will save you money.

“We’re still at the lowest rate we’ve been in 30 years,” says Don Frommeyer, president of the National Association of Mortgage Professionals and a mortgage broker in Indianapolis. “Now’s the time to do it. Who knows what’s going to happen in the next 12 to 24 months?”

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