SEATTLE -- The Federal Reserve just threw more than a trillion dollars at the housing market, and now we're looking at some of the lowest mortgage rates in years.

Interest on some conventional loans is as low as 4.5 percent!

If you're on the fence about refinancing your mortgage, now may be time to make a move, especially if you have an adjustable rate mortgage.

Juanessa Scott just got rid of the adjustable rate mortgage that was burning her budget. She says when she refinanced two years ago, the lender talked her out of a 30-year fixed mortgage and assured her that an ARM was the way to go.

Her interest rate started at 6 percent, then jumped to 7 percent, then 8 percent. Within two years, her payment went from just more than $1,000 a month to more than $1,200 and it was about to reset to $1,400.

"It was steadily jumping," she said. "And the amounts that I was paying, it was like, 'Oh, this is killing me."

With payments skyrocketing, she tried to refinance, but Scott says her lender said no.

"And I thought that they were supposed to be the ones who were supposed to be helping me out, with the government giving them all the money, and they told me absolutely not," she said.

Refusing to take no for answer, Juanessa checked around and found a local mortgage company that did help. She says TILA Mortgage in Renton got her a new conventional loan that saves her more than $200 a month.

Financial advisers say if you have an adjustable rate mortgage, with few exceptions, now's the time to get out.

"The credit is out there," said Aimee Huff of MWBoone and Associates in Bellevue. "If you've been reasonably responsible with your credit, you can refinance."

Just make sure you have equity in your home, a verifiable steady income and a good credit rating.

And because refinancing can be costly, make sure it's worth it -- will you keep your home for at least three to five years? Will you break even before you sell your home?

For homeowners who are struggling to save their homes and avoid foreclosure, the Obama administration has launched the Making Home Affordable Program. It's a new government Web site tells you if you qualify for special refinancing or a loan modification under the new program and helps you navigate the process.

KOMO News has learned some lenders are refusing to help struggling homeowners until they intentionally miss two mortgage payments. Experts warn that under the new program, that can hurt you.

So be persistent. Shop around. And if you're looking for loan modification, watch out for the sharks. Many predatory lenders are preying on loan modification candidates and putting them in loans they still cannot afford.

Only deal with loan modification services that are registered with the state Department of Financial Institutions.

More information:

Making Home Affordable Program