As the economy has slowed, mortgage interest rates have fallen to their lowest point in 37 years.While this could mean homeowners taking advantage of refinancing options, it's not all rosy on Main Street.News 12's Nathan Harrington gives us the details.According to mortgage giant Freddie Mac, the 30-year fixed mortgage rate now stands at 5.1 percent and has fallen for nine straight weeks.A good sign if you're eyeing the real estate market.Todd Loosbrock says, "It creates a tremendous opportunity to buy a home and also refinance and save some monthly expense."If you have great credit, equity in your home, and don't plan to move, refinancing could be the way to go.And the lower rate could lead to big savings.Andy Nessler says, "There's the people that want to get their payment as low as they can and lower their payment that's obviously an option. There's the other side where you can go to a shorter term or just lower your payment and just pay extra. So for the people that do want to pay off their loan faster, that can be a good opportunity to do that by refinancing."Many customers have inquired about refinancing and applications are pouring in at many banks.But not everyone can take advantage of the low interest rate.But reduced home values are making it impossible for some to refinance, leading banks to turn down many applications.Todd Loosbrock says, "People come in and their houses are worth less. Therefore the equity they may have had that would help them maybe refinance or consolidate some other debt isn't there."But for those that are stuck in a mortgage that they don't want or won't be able to afford, there is hope that the smaller interest rates will bring relief.Andy Nessler says, "Hopefully it's a full effect all the way down where it trickles down to the first time buyers and those people trying to sell and property values hopefully over time will trigger market activity."And maybe even triggering an end to the mortgage mess.In Mankato, Nathan Harrington, News 12.