With the recent drop in mortgage rates, many mortgage companies have seen an upswing in the number of people wishing to refinance in order to lock in a lower rate. However, as TIME magazine reports, the period of decreased rates may be ending soon. Rates fell throughout much of January, but are now beginning to slowly increase.

Current 30-year mortgage rates stand at around 3.8%, which is down significantly from a year ago when they were at nearly 4.4%. Yet there are nearly seven million Americans with good credit who are still paying rates as high as 4.5%. When it comes to achieving full home ownership, this can make a significant difference.

Missing out on the chance to refinance could prove costly. With rates expected to continue to move upward from recent lows, TIME and many other analysts have strongly recommended that now is the time for consumers to refinance. While the cost of refinancing may seem significant, for many consumers this process may ultimately help save tens of thousands of dollars in mortgage payments. Now is the time to act. Mortgage companies such as Castle & Cooke Mortgage are ready to help consumers lock into these lower rates to achieve their home ownership dreams and save them money over the long term.