Mortgage rates have dropped, but you want to make sure that you are getting the best rate that you can get.  See today’s story below from CNN.

NEW YORK CNNMoney — A 4% mortgage sounds too good to be true — and for more than 90% of borrowers, it is.The average rate for a 30-year mortgage dropped below 4% earlier this month for the first time, hitting 3.94%, Freddie Mac reported.But at the same time, LendingTree TREE reported that the average rate offered to borrowers by its network of lenders was about 4.32%.Only about 9% of LendingTree borrowers got loans below 4%. About a third got loans between 4.5% and 5%.Those rates are still low, but a half point rate difference adds about $700 a year to the payments on a $200,000 mortgage.

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via The 4% mortgage – good luck getting one – Oct. 19, 2011.

US Mortgage rates and state mortgage rates for Idaho are the same thing, so when you see that the US mortgage rates are low, it also means that Idaho’s mortgage rate is really low.  It is a great time to buy a house or refinance your house if you can see the mortgage savings.

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4 percent, up from 3.99 percent at this same time last week.

The 30-year fixed mortgage rate steadily declined for the majority of the week, dropping to 3.94 percent on Sunday. The rate briefly returned to 4.02 percent before falling to the current rate early this morning.

Additionally, the 15-year fixed mortgage rate this morning was 3.37 percent and for 5/1 ARMs, the rate was 2.81 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

via 30-Year Fixed Mortgage Rate Hits 4 Percent for First Time in Seven Weeks | Zillow Blog – Real Estate Market Stats, Celebrity Real Estate, and Zillow News.

History was made today as 30 year mortgage rates drop below 4% for the first time in history.

If you are looking to buy a home or refi, it might be a good time to lock down your interest rate.   See the story at CNN below.

NEW YORK CNNMoney — Mortgage rates have never been cheaper, with the 30-year rate falling below 4% for the first time in history.The interest rate on a 30-year fixed-rate loan fell to 3.94% this week, the lowest rate since mortgage giant Freddie Mac FMCC, Fortune 500 began tracking them. Meanwhile, the average for a 15-year fixed-rate mortgage also hit a record, falling to 3.26%.”Average 30-year conventional fixed mortgage rates fell below 4% for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew,” said Freddies chief economist, Frank Nothaft.Yields on the benchmark 10-year U.S. Treasury bond, which mortgage rates closely track, have been under 2% this week, closing as low as 1.78%.

via 30-year mortgage rates fall below 4% for first time – Oct. 6, 2011.