The recession fears are overwhelming any inflation fears at the moment. And that means good news on mortgage interest rates. The 30 year fixed rate right now is hovering right around 5.5%. That's great news for buyers and if you're looking to buy in the next 3-6 months it's worth crunching some numbers to see if this might be the time to jump.

But today I wanted to focus on refinancing. It's not something I touch on much, because I don't typically get involved when my clients refinance. Once awhile they'll call for help in recommending an appraiser or finding some papework, but generally a refinance doesn't require a real estate agent's involvement.

However, if you've never done this before and are looking for some help. Here are a couple of hints.

1. Try an online mortgage calculator. A Google search will provide a slew of them. Be careful of the ones that are too basic. And make sure it tells you how many months it will take to recoup your costs. There will be fees associated with refinacing. While you may save money each month with lower interest, if you move in six months and it takes a year to break even based on the fees you haven't really gained anything.

2. Don't choose your mortgage lender solely on rates. It should be clear to everyone by now but not all financial institutions are created equal. Go with someone reliable! Get recommendations from people you trust.

3. Read the fine print. This should be obvious by now as well, but make sure you undestand the mortgage you're getting. Ask whether there are pre-payment penalties. Make sure you know if your rate is fixed or adjustable. And, if you choose to go adjustable make sure you understand completely how that adjustment process works and what your payments are going to be two years or three years or five years from now.

All that said, it's a great time to take a look at your mortgage and see if it makes sense to refinance.