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RALEIGH – Bankers and mortgage brokers in North Carolina say that while the housing market is still slow, they're being flooded with calls by people looking to save money by locking into a lower rate.

“Usually you would need to see at least a 1 percent drop in your rate to make it worth it to go through the fees for refinancing,” said N.C. Bankers Association Vice President Paul Stock.

And that may be easy, given historically low rates. A homeowner with a $200,000 mortgage, at an interest rate of 6.5 percent, could save nearly $200 a month if refinanced at the current average market rate of 5 percent. That's on a standard 30-year loan.

“But you may be able to refinance it for only 15 years, and some places will do it for 12 or 13, whatever is the payment you can handle,” said Stock. “So you can get your mortgage paid off faster than you otherwise would."

People inside the industry are hopeful this could brighten the picture for the housing market, which could have a major impact on the overall economy.

"There is a substantial amount of pent up demand that we're aware of, that's been sitting on the sidelines, waiting for the housing prices to get as low as they're going to get and waiting for the interest rates to get as low as they're going to go,” said Stock. “And I think we're very close to the bottom on both of those."

He and others in both the banking and real estate industries are hoping that low rates and low prices help raise activity, whether it's time to buy or refinance.

Experts say refinancing is not necessarily a money-saver for everyone, especially those who plan to sell their home in the near future.

The best advice: Talk to your bank or mortgage company to see if a refinance would fit your needs.