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Mortgage To Do’s after Rates Have Hit Historic Lows

Mortgage RateRecent mortgage news reveals how the average rates for the 30-year fixed, 15-year fixed, and 5/1 adjustable rate have fallen. In general, mortgage rates have hit historic lows although rates even though have been in constant flux since the start of the year. The news bodes well for borrowers searching for the right mortgage company, since they can take advantage of better rates.

National Averages

According to the recent report, the average rate for the 30-year fixed is at 3.97 percent, down by 7 basis points in the last week. On the other hand, the 15-year fixed went down 2 basis points to 3.16 percent in only a few days. The 5/1 adjustable rate mortgage fell one basis point to 3.15 percent.

Utah Averages

In Utah, the 30-year fixed fell 14 basis points from 4.12 to 3.98 percent. The 15-year fixed went down one basis point to 3.17 percent. Finally, the 5/1 ARM decreased two basis points from 3.15 to 3.13 percent.

Credit Check

With these rates, you can definitely find a mortgage rate that suits your needs. While you search for your preferred rate, make it a point to check your credit report and ensure that it’s up-to-date with fresh information. With your credit report, you can more easily keep track of debts already paid, information that does not belong to you, and wrong notations for closed accounts.

Score Improvement

If you have a low credit score, there are measures you can take to fix it. The best way you can rebuild your credit score is to manage it responsibly instead of resorting to quick-fix efforts. In fact, you can raise your score easily by paying debts, paying your bills on time, keeping credit balances low, and decreasing the amount of debt you owe.

Mortgage rates have fallen, and it gives borrowers the opportunity to lock in on the best rates or to refinance their homes. Cheap mortgage payments serve to increase the appeal of buying a house which, in turn, boosts the demand for houses.