For instance:

• Consider how long you plan to stay in your home to help determine when -- or if -- you will save money.

• Consider the impact of closing costs, which include appraisal, title research, title insurance, credit check, attorney review, inspection fees and transfer taxes. Some costs could include loan points -- one point typically equals about 1 percent of the amount you borrow.

• Consider that most lenders will let you borrow about 80 percent of your home's current appraised value.

Want help calculating whether now is the time? Go to Bankrate.com's calculator HERE or HSH Associates' HERE.

Or go HERE to read my How-to about "points."

Can you get a rate of 5 percent? A lot depends on your financial picture, but location matters, too. Zillow.com, which tracks rates for states with high quote volumes, says they're highest in -- you guessed it -- Maryland, at 5.26 percent. Arizona is lowest, at 4.97 percent.