HOUSTON -- Dr. Cleve Lewis is making improvements to his home. But he’s not planning on selling; he's looking to refinance. 

"I know this is the time to seize the moment," said Dr. Cleve Lewis, homeowner.

Mortgage rates have hit an historic low, which has not been seen in more than 30 years.

"Basically, we are seeing a 30-year fixed rate of 5 percent.  It is expected that over the next three or four months, this will push below the 5 percent mark," said Chris Nooney, from Prime Lending.

Business is booming for mortgage lenders as homeowners rush to refinance their homes. While lenders say it is a great time to refinance, there are some things to consider, such as the closing cost of getting into a new mortgage.

"I would highly recommend that you work with a mortgage professional, and not a fly-by-night company that may be sending you an email or a flyer in the mail. There is always a cost associated with refinancing that they may not be disclosing,” said Nooney.

Lewis is refinancing the home he bought a little over a year ago.

"It is shaving off $150 on my monthly mortgage. Over the life of the loan, it will save me $75,000 and that is significant," said Lewis.

This is an opportunity Lewis believes he may never see again.