"We are a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills.
Rates on 30-year mortgages have fallen to 4.78 percent on average, the lowest on record. Rates are down by more than a full percentage point from a year ago.
"The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates," Obama said in a photo opportunity in the Roosevelt Room. "That is money in their pocket."