Thanks to action from the Federal Reserve in the last few weeks mortgage rates are definitely on the decline across the country. In fact, mortgage rates have just recently hit their lowest level in 52 years according to a recent survey. The long-term fixed mortgage rates are falling particularly fast right now. What does mean to you? Well, if you are a good candidate for refinancing a mortgage on your home then now is a good time to at least consider it as a possibility.

Bankrate has a terrific mortgage refinance calculator that allows you to plug in all the pertinent rates and information from your mortgage and then plug in current interest rates and see whether it is worth it for you to refinance. The calculator is designed to show you just how much you would save by refinancing your mortgage in the current environment. Obviously in some cases you wouldn’t save anything, but in others you can save a great deal.

Bankrate also has a thorough section which allows you to compare the best mortgage refinance rates in your area.  You are able to search by state or zip code and look for the best possible interest rates to refinance your home. You are looking for the lowest mortgage refinance rate possible, while still staying in a reasonable payment zone for you and your family’s income. Remember not to overstep your boundaries and try to payoff too much because that will actually force you deeper into debt in the long run.

While looking on a site like Bankrate is extremely helpful, it is also imperative that consumers also be proactive and call or go to their local banks and speak to someone in the mortgage department. Quite often they will be able to help you find an even better rate than is advertised if you go in and sit down and explain your overall situation. Shop around and don’t feel pressured, but rather just do what is best for you and your wallet.