The poor economy has been bad for the real estate market; however, it's been wonderful for eligible buyers and homeowners looking to secure better loans. Low interest rates make now a great time to lower your mortgage payments through a home refinance plan; however, you may find different deals depending on where you live.

Low home refinancing rates

Freddie Mac's most recent survey reported that average fixed mortgage rates remain near all-time record lows, with 30-year rates averaging 3.91 percent and 15-year rates at 3.21.

According to Frank Nothaft, Freddie Mac's chief economist, currently, home buyers are saving more than $1,200 a year on a $200,000 mortgage, as compared to those who chose to buy this time last year.

While low rates are helping motivated buyers secure cheaper loans, they can also provide a great way for you to lower your mortgage payments through a home refinance strategy.

Not everyone can benefit

It's important to note that Freddie Mac's report only provides national averages based on select lenders. It may not be an indicator of the rates in your area. Unless you are able to find low refinancing rates with no closing costs, you're going to have to foot the bill for some upfront fees. Though you may lower your mortgage payment, if you can't find rates low enough to offset these costs, you may ultimately end up saving very little.

To get the best rates, it's best to compare offers from multiple lenders. It's also important to get good faith estimates on closing fees, so you can get a decent idea of how much your home refinance plan will end up costing you in the end.

When it comes to mortgage refinancing, you need to weight the cost against the gain, or you simply will not come ahead in the long run.