Now could be your last chance to refinance your mortgage at historically low rates! Mortgage rates have steadily fallen since the housing market bottomed out in 2008, but recently mortgage rates increased and the Federal Reserve might hike interest rates later this year. If you don't refinance now, then later you might not find such great refinancing options. Numerous mortgage lenders and financial institutions are offering great rates that could lower your monthly payments, especially if you purchased your house beyond five years ago. Is this something you're interested in? If so, read on to learn 8 reasons why now is a great time to refinance.

The first reason to refinance now is the wealth of new opportunities. Mortgage rates have fallen so often in recent years that now people can refinance sooner and save money each month. Lenders have risen to the challenge by reaching out to homeowners with great mortgage refinancing offers. A second reason to refinance now is simply that the current mortgage rates are extremely low. In fact, a chart released by Business Insider that accounted for recent records and historical documents showed interest rates might be lower now than at any time in the past 5,000 years of civilization! These historic low rates will eventually end, but it's not too late to capitalize - not yet, anyway.

A third reason is the ability to do a no-cost mortgage in which all the usual fees and closing costs are rolled into the new loan. You don't pay anything out of pocket, and you can still save lots of money each month on principal and interest payments. And with rates so low, you can save big even with less than a 1 percentage drop on your rate! Lending conditions have also eased, which is our fourth reason to refinance now. Federal regulations and industry-wide fear caused lenders to be more cautious when giving out mortgage loans, but now banks and lenders are being more liberal with their loans. This is good for both homebuyers and refinancers.

Fifth, you can still take advantage of the federal Home Affordable Refinance Program. If you're underwater on your home loan - or if you're close to being underwater - then this program might be able to help you refinance your mortgage and gain financial breathing room. Nearly 370,000 Americans are eligible for this program, but many people are still unaware about how it can help. Or would you like to save money on the overall life of your mortgage? If so, then refinancing is a great time to increase your payments with a shorter loan duration while halving the repayment time.

A seventh reason to refinance now would be cashing out enough from equity to get rid of your private mortgage insurance, or PMI. Rolling your equity into your refinanced mortgage might remove the requirement for PMI, saving you lots of money each month. And the eighth reason why now might be a good time to refinance would be if you had other expenses you could pay off by cashing in on your equity. Have some bills? Paying off student loans? Want to take the vacation of your dreams? Refinancing at the right time can help you achieve those things.