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NEW YORK (CNN/Money) - These days, economists and weathermen have about the same accuracy. Remember when economists were saying that mortgage rates were on the rise? Wrong. Rates have been falling.

In fact, over the past year, rates have come down almost a full percentage point to 5.5 percent on a fixed 30-year loan. Homebuyers are continuing to lock in rates at 40-year lows.

But experts say there may be more here than meets the eye. Here are today's five tips for homeowners, buyers and sellers.

Mortgage rates have a big impact on the health of the housing market. Typically, low rates translate into a red-hot market. However, this recent easing of interest rates could have a negative effect on the market.

According to Dean Baker, co-director of the Center for Economic and Policy Research, low rates could add fuel to the fire in cities where prices have already climbed dramatically, punching prices to even higher, more unsustainable levels.

The real danger, he says, is that these bubbles collapse, leaving homeowners with mortgage debt that is higher than their properties are actually worth.

David Lereah, chief economist of the National Association of Realtors, a national trade organization, also sees danger in the lower rates. He says today's low interest rates aren't offsetting the jump in home prices, and therefore hurting affordability.

For example, if you bought a median house at $200,000 last year with a thirty-year fixed loan at 6 percent, you would be paying about $1,199 a month. This year, even with the thirty-year fixed at 5.6 percent, and a 9 percent increase in appreciation, your monthly payments would cost you $52 dollars more.

You might feel like you missed the low-interest-rate bandwagon, but the truth is, the hype has just calmed down. Low interest rates are still here, and are even near historic lows.

There's no telling where they'll go next, but you'd be wise to consider locking in a low rate while you can. By waiting until mortgage rates tick higher to realize they've hit their bottom, you're hurting yourself.

Slight differences in your rate can amount to considerable savings over the life of your loan.

Chris Kemper, spokesman at National City, one of the nation's largest home lenders notes, "Just a half percent rate difference on a $100,000 loan at today's rates can mean a difference of over $30 each month in interest. That's $360 each year, or more than $10,000 over the life of a 30-year loan."

If you already own a home, you may be sitting on a gold mine. High prices and low interest rates equal the perfect selling conditions. The rate of rising home prices in April shot up at a pace not seen in twenty-five years.

"You can get top dollar right now," according to Certified Financial Planner Doug Flynn. People focus on their monthly payments. People don't care if rates were 8 percent ten years ago according to Flynn.

If you're trying to determine if this is a good time for you to sell, you should focus on your local scene. If you're talking about your property as your primary residence, the decision should have to do with where you want to live, not what you think is going on with the real estate market, says Bob Walters an economist at Quicken Loans.

Now is a great time to refinance, according to Greg McBride, a senior financial analyst at Bankrate.com. He advises those with an adjustable rate mortgage or an interest-only loan, to lock in a fixed rate instead.

But be warned: the closing costs on refinancing run in the thousands. Use this general rule of thumb: if your interest rates aren't cut by at least a half of a percentage point, don't bother going through a refinancing.

The number one mistake people make when they refinance is not shopping around, says McBride. Compare lenders and check out other banks.

Refinancing can also help you lose some weight on your jumbo loans. (These are for loans around $360,000 dollars). What was considered jumbo a year ago, may not be jumbo today. You can lose those hefty interest payments and refinance into a conforming rate.

For example, if you took out a $350,000 jumbo thirty-year mortgage last year with a rate of 6.5 percent, today that conforming rate is 5.6 percent.

But you may not need to refinance to get rid of your Private Mortgage Insurance payments. With the steady rise in home values, you may have built enough equity to get rid of those payments. Note that you have to have lived in your property for at least two to five years to fulfill seasoning requirements. So, run an appraisal and prove your property has appreciated.

So you're not looking to buy, don't want to sell and you're happily tuning out the market watchers' predictions. You can still put lower rates to use.

Think about taking out a Home equity loan to free up some cash for all those household renovations you'll "get around to." Or if you already have a floating rate line of credit, consider replacing it with a fixed Home Equity loan that will give you a better rate.

Just putting a $10,000 investment into your bathroom can give you 100 to 168 percent return on your investment, according to Homegain.com.

Gerri Willis is a personal finance editor for CNN Business News and the host for Open House. E-mail comments to 5tips@cnn.com.