Mortgage rates have been hovering around historic lows and a lot of you out there are crunching the refinancing numbers.

It’s not just to lower your payments but to dig yourself out of house debt faster

Everyone wants to get something for less. If you own a home, now’s the time.

How often do you hear that these days? But it’s true. Mortgage rates are at near all-time lows. So even if you got a good rate, say, five years ago, it doesn’t compare to today.

“Rates have gone down tremendously, probably the lowest since the Eisenhower era,” says Ross Cooper of RH Cooper Ltd.

Other homeowners are refinancing to shorter terms. Seth Bloom went from a 20-year mortgage to a 10, saving him a whole lot of money.

“I think we calculated it was about $25,000. So it’s pretty significant,” Bloom said.

Getting out from under debt does feel good, whether it’s a mortgage or a credit card.

Because rates are so low a lot of people are opting to go with shorter loan terms.

Take a look at the comparison on a $225,000 home price, paying 20 percent down on a 30-year loan the rate is 4.25 percent.

It’s 3.45 percent on 15 years.

For the 30-year loan the monthly payment will be just over $900.

For 15 years it’s nearly $1,400.