Getting The Lowest Home Mortgage Rate

Posted by Lorraine Ross on June 26, 2007

While people from other countries may look into the US standard of living and think that every American is rich.  For those living in the US, they know that it just isn’t the case.  Many families have to really save and work on a budget.  For people who want the American dream of owning a home, saving and scrimping is the goal to make it all happen.  Something that comes into play when trying to buy a home is the price of housing and the interest rate cost of the mortgage.  Getting the lowest home mortgage rate is critical for families wanting to own instead of rent.  The difference in rates can mean the difference between getting the loan and not being able to afford the loan.  While the economy has been good, the prices of interest rates have also been low.  In fact, there are now more people who own homes than at any other time in the history of the nation.

The lowest home mortgage rate is always fluctuating but it currently hovers at close to six percent.  This is for owners that have good credit and very little debt to income ratio.  A persons FICO score is important but not the deciding factor.  A person with fair credit who has steadily been employed and has saved for a while can also get a low interest rate.  Even at seven percent interest, a mortgage becomes manageable. 

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