If you want to refinance your mortgage loan and you can qualify, this is a great time to do it!  Mortgage rates are approaching the lowest rates in history – the 3.94 percent average that was recorded in the 1950′s.

First, lower payments. Second, you’ll get a month “off” making that mortgage payment – at least a month off at the beginning of the loan; you’ll still pay it at the end.   From MSNBC.com,

The average rate on the 30-year fixed mortgage fell back down to 3.94 percent, the record low set earlier in the fall.

Low rates offer a historic opportunity for those who can afford to buy or refinance. Still, few people are able to take advantage of the record-low rates or have already done so.

The rate on the 30-year home loan fell from 3.99 percent the previous week, Freddie Mac said Thursday. The 3.94 percent average is the lowest on records dating to the 1950s.

These really are incredible rates, but have not done much to help the housing market.  Time will heal that gaping wound.