Deciding whether or not it is time to refinance mortgage loans is always a bit of a gamble. Of course, the optimum time to refinance is when the interest rate is at its lowest. But, there is no way to know that for sure and it is always a bit of a gamble. Even when they are low like they are now, you can’t help but wonder if they might not go lower still. Every little nudge downward can save the mortgage holder thousands of dollars over the life a loan.