This week, mortgage rates dropped to their lowest level on records, which mortgage corporation Freddie Mac has maintained since 1971.

The average for a 30-year fixed-rate loan dipped to 4.69%. The earlier record of 4.71% was placed in December.

Also, rates for 15-year and five-year mortgages touched low points.

The last time long-standing rates were down was in the mid-1950s, when they had an average of around 4.6%. Those loans in general survived 20 or 25 years, different from present time's standard 30-year fixed loan.

Refinancing mortgages can cost quite a few thousand Dollars. Usually, there's a payment that goes to the mortgage agent or lender, in addition to charges for title insurance, a new appraisal, document procedures and other costs.

But dealers or lenders have methods to make open fees imperceptible to borrowers. They can, for instance, make the outward show of a "no fee" credit by adding up the charges to the overall loan amount or by taking a little higher interest rate.

Refinancing loans might help in saving money. But that relies on how early you want to sell off.

Like if you have a $200,000 loan and you cut down your rate from 5.5% to 4.69%, your monthly primary and interest imbursement will dip by around $100, from about $1,135 to about $1,035.