WASHINGTON, April 9 (Xinhua) -- U.S. President Barack Obama on Thursday hailed historically low interest rates, saying the good news could save homeowners who refinance their mortgages about 1,600 dollars a year.

    "We are at a time where people can really take advantage of this," Obama told reporters at the White House after meeting homeowners near Washington DC.

    Rates on 30-year mortgages have fallen to 4.78 percent, the lowest on record. "Rates are low as they've been since 1971," said the president.

    "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," said Obama. "That is money in their pocket."

    He also warned the public about "scam artists."

    "If somebody is asking you for money up front before they help you with your refinancing, it's probably a scam," he said.