Recently the Federal reserve decided to more than double their plans to purchase mortage-related securities.  That has pushed mortage rates down to record lowes.  According to bankrate.com 30 year mortgage rates are at 5.06% (National average).

With home prices being as low as they are and rates pushing to go below 5% we have a lot of options that can help us make money.

1. Purchase your first home now! There hasn’t been a better time to buy a house in the last 10 years, and there probably won’t be again for many years to come. If you have the cash now is the time to move. You will be saving yourself a ton of money in the long run because you will have lower monthly payments. You don’t have to take on a risky loan (not that you would be able to anymore). With these rates, you can feel safe and happy in a 30 year fixed.

2. Refinance your mortgage. Lots of lenders are looking to help homeowners refinance. Get it done while you can. Talk to a mortgage lender and let them help you figure out if refinancing is right for you. If it is, you could be saving yourself $200 a month or more. Check it out.

3. Refinance your debt. Rates are low so start shopping around. Find out if you can refinance your car loan, or any other loan. Don’t sit on a high interest payment just because you are too lazy to find a better option.