When To Buy Or Re-fi That House? Now!

(WWLP) - Now's the time to save on your mortgage; rates have plunged in the last six weeks.

Realtor Pat Goggins is still showing properties despite a down housing market, and is optimistic it will bounce back.

He told 22News, "I've been in the business for 37 years. I've never seen this combination or low interest rates and soft prices."

Interest rates tumbled 1 percentage point after the Federal Reserve took action to stabilize the housing and credit markets. Now, mortgage rates are dropping to their lowest levels since the early 1960s.

Right now, 30-year fixed mortgages average 5.1%, and 15-year fixed rates average 5.06%. Florence Savings Bank President John Heaps has some advice if you are looking to refinance.

He told 22News, "Look at your numbers. Does it make sense, and look at the equity in your home."

Those numbers, of course, should include closing and other upfront costs associated with a new or refinanced mortgage.