Special Report: Better Mortgage Rates

Looking to cash in and either buy a new home or refinance your old one? Well, you might want to act fast.

Michael Berger, Caldwell Banker
"From the entry-level buyer to the more expensive high end, it's an exciting time, in the city of Boston to be purchasing real estate."

Why? Because long-term mortgage rates remain near their lowest levels in close to a year. A year ago the national average for a 30-year-fixed mortgage was 5.66 percent -- now it stands around 5.5 percent. While it may not seem like a lot, Brookline homeowner Steve Strassman's decision to refinance proves that you can get more bang for your buck.

Steve Strassman, Just refinanced home
"I think probably my monthly payments are going to go down by about $100 to $200 a month."

Boston mortgage broker Jonathan Kosow says even though the Fed has recently raised rates - don't worry.

Jonathan Kosow, Guardhill Financial
"Most people recognize, or they see on the news that the fed is raising rates, and all of a sudden they think that all interest rates are going up, but in fact in the long term they've actually come down."

And people are apparently buying in record numbers in Massachusetts. In 2004, sales of single family homes rose nearly nine percent and condominium sales rose about 27 percent.

Michael Berger, Caldwell Banker
"A lot of the tenants who formerly would rent, are now purchasing, and that's increased the marketplace and they're taking advantage of wonderful rates."

So how do you know if refinancing now is right for you

Steve Strassman, Just refinanced home
"It's important to shop around. It's important to talk to several lenders and get the best rate that you can."

It depends on what your goals are, but rates today are as low as they were a year ago, so if you refinanced or purchased a home, basically since last April, it's always a good opportunity to look and reevaluate your mortgage needs.