When is the best time to refinance my home? This is a question that many homeowners have, and the answer is very simple: right now. Currently interest rates are well under 4 percent for 30-year conventional fixed-rate loans and 15 year mortgage rates are around 3 percent. If you haven’t taken a look at refinancing in a while, now is the time to start shopping around.

The experts at the Mortgage Reports estimate that there are millions of homeowners who are eligible and could benefit by refinancing. They recommend those who purchased their home prior to July 2014 or are currently paying private mortgage insurance or FHA MIP should seriously consider refinancing.

According to Bank Rate, many buyers today are changing to 15-year mortgages when they refinance to save even more money. Right now 15-year mortgage rates can be up to a full percent lower than a typical 30-year rate. As rates have been historically low for the past few months, there is no need to wait or try and time your refinance perfectly to get a lower rate.

Reducing your loan term length can also drastically lower the amount of interest you pay over the life of the loan. For example, by refinancing a 30-year home loan at a 5 percent interest rate to a 15-year mortgage at 3.5 percent after 5 years of payments, you could save over $128,000 in interest costs. Your monthly payments would only go up by about $350, and your home would be paid off 10 years sooner.

If you are interested in saving thousands in interest costs, reducing your loan term or saving money on your monthly payments, you need to start looking at refinancing. You can get today’s 15-year mortgage rates at loanDepot by checking out their rate viewer page and personalizing your results.