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Have skyrocketing gas prices put the pinch on your budget? If so, you’re not alone.

Every time I go to the gas station, it seems as the though the gallon counter goes slower and the money counter goes faster. Not fun.

What is going on in the world???? Lots.

Specifically, it’s what’s happening in Libya that has financial markets spooked. With oil production down an estimated 1,000,000 barrels a day and no end to the political and economic instability in sight, the markets have responded. The Bond Market rallied today as rising oil prices triggered concern about U.S. economic recovery. The Feds purchasing $6.6 billion in debt to support the U.S. recovery also helped the bond market.

The result? Not all bad news to American consumers. Of course, pump prices nearing $4 a gallon (more in some places) is bad news. Nobody likes that. And many other commodities that are tied to energy prices also hit your wallet hard (milk, for example, always skyrockets in price when gas goes up). So what’s the good news?

The good news is you can once again enjoy mortgage rates at levels near historic lows. With mortgage rates back down this past week, you might be able to lower your mortgage payment to offset those other rising costs.  If you have a mortgage rate above 5.5%, chances are you can lower your mortgage payment, sometimes up to several hundred per month, and ease the budget crunch rising costs are causing you. Even dropping your mortgage rate a tiny amount can result in monthly savings that add up. For example, let’s use a typical 30-year $200,000 mortgage amount. At $200,000, dropping your mortgage rate from 5.375% to %5 (just 3/8 of one percent) can result in an average monthly lower payment of $50. Over the life of a 30-year loan, that’s an $18,000 difference in interest paid. Not small potatoes

And many mortgage programs, such as FHA loans and VA loans, have more flexible credit qualifying guidelines, as well as down payment/equity qualifying requirements. This makes getting a mortgage easier than many people think.

There is nothing you can do about higher gas prices. But there is something you can do about a lower mortgage payment.Whether you want to buy a home or refinance, you may be able to lower your mortgage rate.

Don’t you think it’s worth your time to take advantage of them before they go back up?

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