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Have a mortgage? Need to refinance? Now's the time

Happier days might be here again for once hard-pressed homeowners. Thanks to rising home prices, an improving credit environment and, especially, the current low yields on interest rates, now could be a great time to consider refinancing a home mortgage.

Home house suburban
David Papazian | Photographer's Choice RF | Getty Images

Treasury rates—and therefore mortgage rates—are staying low as equity markets recover, thanks in part to foreign investors flocking to the safety of the U.S. from riskier European markets. This should remain true through 2015, according to Rich Coppa, a certified financial planner and managing director of Wealth Health.

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Homeowners who might be able to reduce their mortgage rate by at least 1 percent should apply for a refinance and opt for a 30-year rather than 15-year mortgage in order "to have more flexibility in cash flow," he said. "This is a great time to refinance."

Check out this "Straight Talk" spot to learn why once underwater or break-even mortgage holders might finally be able to come up for some air.

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