The foreclosure crisis has hit several states of Arizona, California, Florida, and Minneapolis, to name a few.

Martin Lukac represents RateEmpire.com mortgage rates and refinance rates market.

When weighing your options, you need to balance the closing costs with lower payments and see if it's really save you money.

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Real estate and homes have dropped in price, and mortgage interest rates have also reduced, which gives a clear indication as to opt for refinancing is a good option.

With an input rate cut in the last two sessions, interest rates are back to affordable levels to refinance.

In this scenario, the competition offers lenders the freedom to offer higher interest rates, knowing that given the demand, people will pay.