Build Wealth
Real Estate
Retire Well
Expert Advice
Site Map
About Us
E-Mail Newsletter

Family Money Health Work Play Shop Expert Advice
Home  > Money >  Real Estate

Mortgage Rates Are Falling

The mortgage market is screaming gimme shelter as interest rates across the country have been pushed lower by a recent spate of consumer worries.

More on Real Estate
Prime Nine Tips for Home Buying
Lure Buyers When Selling Your Home
Househunting Online

In the week ended Oct. 31, the benchmark 30-year fixed mortgage rate fell 15 basis points to 6.52 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point.

This is the lowest the 30-year rate has been since the week of Oct. 7, 1998, when it dropped briefly to 6.46 percent.

So if you've been thinking about buying a new home or refinancing your current mortgage, you may want to lock in today's low rates.

Experts say rates could even drop even further due to the economic slowdown. However when shopping for a mortgage, don't just look at the interest rate, but the total expenses after points and extra fees are tacked on.

And while a low national average is appealing news, be aware that rates vary significantly from region to region. To explore interest rate averages specific to your area, check Bankrate.com .

Email this article

Ask the Expert:
Peg Downey

LeadImage.alttext Q: Should I try to prepay my mortgage?
A: Click Here

Featured Tool
Use our Stock Selector
to help you with your investing research.

Related Books
• Mortgages for Dummies, Eric Tyson, Ray Brown
• The 106 Common Mistakes Homebuyers Make (& How to Avoid Them), Gary W. Elred

Home | Family | Money | Work | Health | Play
E-mail Me | Unsubscribe | "Me" Meters | Message Board | Search
About Us | Site Map | Employment | Privacy Policy | Terms & Conditions | Contact Us
Advertising and Sales | Advertise with us
Copyright 1999-2001 MyPrimeTime, All Rights Reserved.
MyPrimeTime and the other MyPrimeTime products on this site are trademarks of MyPrimeTime, Inc. The names of actual companies and their products mentioned on this site may be the trademarks of their respective owners.