CHARLOTTE, N.C. -- Rates on a 30-year fixed loan are at the lowest level in the last five weeks.

Last week the rate was 6.46 percent. That fell to a new low this week of 6.04 percent.

That has people frozen in their homes by dropping prices, thinking about refinancing instead.

“I’ve actually been looking at it this morning,” said Paul Vaden.

Vaden thinks refinancing might work for him and save him as much as $50 a month on his payment.

“That adds up over time,” Vaden said.

Maybe not, though, says mortgage broker Will Mullinix. Mullinix says by the time you pay closing costs that can average $2,000, that $50 a month savings might not be worth it.

Mullinix says those who should look to refinance include, “Anyone with a rate in the 6.25 percent and up.” 

It is harder to refinance after the housing and mortgage crisis. Borrowers need to have made their monthly payments and they need good credit.

Mullinix says that you should consider what your house is worth on the market now and then look at the mortgage you have because that could disqualify you if the value of your home has dropped.

“If you have a $200,000 house and your mortgage is $190,000 you are going to have a hard time refinancing,” he said.