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Though mortgage rates may be down for the foreseeable future, now is a great time to refinance. NY1’s Tara Lynn Wagner filed the following report.

Mortgage rates have been falling since February, and with the Fed saying they plan to keep the interest rate low until mid-2013, they’re not likely to climb any time soon.

While this has yet to cause a jump in home sales, there has been some action in the area of refinancing.

Michael Moscowitz of Equity Now says at the moment, refinancing makes up 90 percent of his business, mainly due to today’s rates.

“They’re very low. They’re as low as they’ve been in decades,” says Moscowitz.

Some may wonder what refinancing even means. Greg McBride of Bankrate.com says the definition is quite simple.

“When you refinance, what you are basically doing is taking out a new loan to pay off your old loan. You may do this for a couple of reasons,” says McBride.

One would be to switch from an adjustable rate mortgage to something more predictable, like a 30-year fixed. Those who are already in a fixed mortgage could also refinance to reduce interest rates. If a current mortgage is at 5.5 percent, for example, Moscowitz says refinancing now can easily save hundreds of dollars a month.

“Many people are still paying six percent or high fives. If you go to under four you can save as much as two percent a year, so your savings will be very, very substantial,” says Moscowitz.

Of course, that savings can lead to thousands of dollars in closing costs.

Those that do decide to take advantage of the current low rates should make sure to take some time to shop around and cast a wide net that includes credit unions, local banks, and even their current mortgage company. Comparison shopping will not negatively affect one’s credit score, either.

“Ideally, you want to apply with two or three lenders on the same day. This is going to give you a true comparison of both the interest rates and the fees that are involved,” says McBride.

Once a lender is chosen, consider locking in the rate, which many banks will do for free for 30 or even 45 days. While lenders may charge to lock in a rate longer than that, Moscowitz says it’s probably not necessary.

“There’s no reason a mortgage should take more than three weeks to close,” says Moscowitz.