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According to the recent report by the Mortgage Bankers Association, it has been studied that in the week that ended on the 6th of May, the mortgage activities throughout the US rose 8.2% as the long term interest rates went through a massive fall. The interest rates on the 30 year fixed rate mortgage fell to 4.68% from 4.78% with the points going through a rise from 0.75 to 1.1. The rates on the 15 year fixed rate mortgage contracts fell to 3.81 from 3.96% with the points increasing from 0.84 to 1.06, as per the Mortgage Bankers Association. If you’re someone who is in the market for getting mortgage help, hire a broker before taking the plunge so that you don’t commit the most common mistakes that are related with taking out a mortgage loan.

According to the association, the refinancing applications have also risen by about 19% due to the better mortgage rates than before. As per the vice president of the Mortgage Bankers Association, the mortgage interest rates dropped sharply after the US Federal Reserve kept continuing with its quantitative easing program. Being a mortgage borrower, you must make sure that you take the required steps so that you avert the risk of committing the most common mortgage mistakes.

What are the most common mortgage mistakes committed by the borrowers?

If you are in the market for getting a mortgage loan, stay away from committing the most common mistakes while taking out a mortgage loan. A small error may lead you into grave financial mess in the long run and therefore, here’s help for you. Check out some mortgage mistakes and stay aware of them.

• Misunderstanding the mortgage points: According to a survey, nearly 45% of the borrowers believe that they should buy mortgage discount points while taking out a mortgage loan. Since the discount points have an upfront cost that can be rolled over through your interest rates over the term of the loan, the decision should be taken on deciding how long you tend to stay in your home. Using a discount points calculator can help you determine the numbers.
• Ignoring the mortgage interest rates: There are many ignorant borrowers who go out shopping for a mortgage loan without knowing the prevalent rates in the market. You can easily be duped by your lenders if you remain unaware of the rates. Stay updated about the changes and fluctuations in the mortgage rates so that you may take an informed and measured decision.
• Failing to compare quotes from various lenders: Many people fail to compare the rates that are offered by most mortgage companies and they end up choosing the wrong rates that make them go through financial problems in the near future. This is the reason why the mortgage experts always recommend the borrowers to compare the mortgage quotes from at least 4-5 mortgage companies before selecting a particular loan.

Do low rates signal a strengthened housing market in the US?

The news of the lower mortgage rates can easily be a sign of the strengthened housing market in the US. As per the figures showed by the US Census Bureau and the HUD, new home sales have been on an upward rise and have increased by 11.1% in March 2011 from the month of February. The average median sales price for the new homes was at $214,800 while the average sale price was at $247,800.

Whether the low mortgage rates are actually affecting the housing market in the US, is still to be decided. Some 70% of the citizens of America feel that this is perhaps the perfect time to purchase a home, according to recent studies. However, you must get mortgage help from a broker so that you can take the best decision while taking out a loan.

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