Every week you hear that interest rates are on the move. Is now the right time to refinance your mortgage?

But which way will they go? That’s the question millions of homeowners are asking themselves right now. Are interest rates still going down, or are they headed north?

Before I consult my crystal ball, let me assure you it doesn’t matter either way. If you can refinance now and pay off the costs of refinancing within a year and save money from that point on, it’s probably a good time to refinance. You’ll pretty much be saving money from the get-go.

Today, no point, no fee loans make it easy to refinance. A few tips: Make sure the loan doesn’t have a pre-payment penalty, a hefty fee you owe the lender if you pay off the loan within the first few years. Also, get all the costs up front, in writing, and compare how much you’ll really save. Refinancing may not be worth the headache if you’re only going to save $5 per month.

Finally, don’t let an outstanding opportunity slip away waiting for rates to bottom out. If anyone really knew whether mortgage rates were going up or down, they’d be buying lottery tickets.