http://www.mortgagemines.com/mortgage/mortgage-rates.html Mortgage rates have been dropping for a few years now. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 When the home mortgage rates dropped to a 40-year low about two years ago, it was assumed the rates would quickly go back up. This assumption has been quickly debunked. Mortgage rates have maintained as low as 5% and still hover around a 5.5% average. These rates are still very acceptable after spending years in the 6+% range. Mortgage rates types: When it comes to mortgage rates there are really two major players in this game. First you have your variable rate mortgage. This type of loan includes mortgage rates that are constantly changing. Your rate could change every year or quarter depending on your mortgage plan. The rate will be adjusted according to the prime rate or U.S. Treasury Bill rate. With these mortgage rates your monthly payments will not remain the same. The good news is you are guaranteed to get the lowest interest rate. Unfortunately, if rates continually rise, then your mortgage payments will also rise. You could always refinance, but chances are you will not get interest rates as low as they are now. This is the reason why you want a fixed interest rate. With fixed mortgage rates, you can lock in today with a low rate. Since mortgage rates will probably go up from their current low point, a fixed rate will guarantee you a very low rate for the next 15 or 30 years no matter what happens interest rates. This type of mortgage should make the most sense to you. If rates happen to drop, you could refinance your mortgage to another low rate, but you should feel safe locking in today. Those are your two, basic mortgage rates options. For more information click on the links on this page to more mortgage information. You can learn how to avoid mortgage mines with the advice from these pages. Sat, 26 Jul 2008 15:00:00 EDT