Despite recent rate hikes by the Federal Reserve, Americans still enjoy some of the lowest interest rates in generations. Though you may have missed some record breaking low rates, you can still save your family a significant amount of money by refinancing your mortgage at a lower rate.

If you intend to sell your home within the next few years, you can take advantage of today's low rates by switching to an adjustable rate mortgage. Although experts expect mortgage rates to climb in the next few years, you can reduce the amount of interest you pay between now and your selling date with a carefully timed adjustable rate loan.

For most homeowners, today's hot refinancing marketplace holds some tremendous deals on fixed rate loans. Regardless of how high interest rates may climb over the next few decades, you can refinance your mortgage now to lock in today's low rates.

You can drive your mortgage rate even lower by switching from a thirty year loan to a fifteen-year loan. Though your monthly payments would be somewhat higher, you can potentially cut the amount of interest you pay over the lifetime of the loan in half. In addition, you'll pay off your house much sooner, allowing you to accelerate your retirement savings or even scale back the number of hours you spend at work.

A handful of ultra-competitive lenders now offer refinancing with no closing costs. These lenders compensate by offering interest rates slightly above the rest of the market. Other lenders offer market rates by adding the closing costs to the amount of the loan. In either case, run the numbers to find the refinancing deal that can save you the most money.

Keep an eye on your contract for hidden fees and charges. A low advertised rate may lure you through the door of a new mortgage lender, but hidden monthly fees may negate your interest savings. Also watch out for lenders who try to saddle you with a prepayment penalty. You should never have to pay a fine to get out of debt.

While the market is white hot, take advantage of the competition. Call your current mortgage provider with offers you've seen in this week's newspapers. Challenge them to meet or beat those deals, and they usually will. Otherwise, you can pit a number of potential lenders against each other to fight for the opportunity to serve you.