Mortgage rates continue to drop. This week rates on 30 year mortgages fell to a record low. The lowest level since 1971.

John Kortes loves his turn of the century home. He bought it in 2001. Kortes has updated his kitchen, the appliances and now he is renovating his mortgage. "Anytime you can drop your home mortgage interest rate by a percent it's definitely something people should look into," he says.

He says he doesn't have a bad rate now but wouldn't mind the extra money. "The additional savings I will have on mortgage I will use to pay down other debt or debt on the house itself," says Kortes.

Jack Shotbolt of The Private Mortgage Group says "Right now I would say anybody who is above 6.5% needs to at least investigate to start to do some preliminary work and get prepared."

Shotbolt is seeing a lot of home owners like Kortes looking to refinance. Wednesday Freddie Mac reported 30 year fixed mortgages dropped to 5.1%.

Shotbolt adds homeowners can potentially save a lot of money by refinancing. "It depends on the mortgages balances, if somebody has a pretty high mortgage balance in the 250-300 (thousand) range and can start saving a point, point and half or two they can save between $125 -150 dollars a month to as much as 300 a month"

"It makes a difference. A 1% drop in the APR. in my home should put $120 in my pocket," says Kortes. More savings for Kortes means another home project, the only thing missing now is a little more time. "So maybe with the money I saved from refinancing my home I can afford to come up here and work some more," say Kortes.

The savings adds up. $150 a month over 30-years is fifty-four thousand dollars. Shotbolt says ones credit score is now factored in. He adds if your interest rate is already in the five's refinancing may not be worth it.