Mortgage rates are lower than ever. The Federal Reserve has been pumping money into mortgage-backed securities to bring the rates down. Some specialists in Great Falls say now might be your best chance to refinance or buy a home.

The Federal Home Loan Mortgage Corporation, known as Freddie Mac, published a rate today at 4.71% for a 30-year mortgage. That is the lowest since they began tracking data 40 years ago.

“Now is a good time for people to come in and refinance to help them get free of date and pay less fees," said Heather Hoffman of Great Falls Teachers Federal Credit Union.

Some economists say that home owners will take advantage of these rock bottom rates. Some Great Falls residents reacted to the news.

"I think it would help people who have a higher mortgage rates,” said Kevin Lacey of Great Falls. “Maybe it will stimulate the economy too."

"it does inspire me a bit,” said Tara Estes of Great Falls. “I talked to my CPA about it. I think others should do it to."

Mortgage specialists like those at the Great Falls Teachers Federal Credit Union say it's also an opportune time to buy a home, especially if you are a first-time buyer.

"People are able to buy or sell now so it is working for both,” Hoffman said. “It's a great time for rates and a great time for the market.

Hoffman adds that there are numerous programs for first-time buyers, and that NeighborWorks in Great Falls is an excellent resource to help people get into their first homes.