Lorraine Mirabella's story today about mortgage rates -- around 5 percent for fixed-rate loans, "the lowest level since Freddie Mac began tracking rates in 1971" -- has a variety of tips for people considering whether to refinance.

For instance:

Advertisement

Want help calculating whether now is the time? Go to Bankrate.com's calculator HERE or HSH Associates' HERE.

Can you get a rate of 5 percent? A lot depends on your financial picture, but location matters, too. Zillow.com, which tracks rates for states with high quote volumes, says they're highest in -- you guessed it -- Maryland, at 5.26 percent. Arizona is lowest, at 4.97 percent.

Advertisement
Advertisement
Advertisement