http://www.mortgagenerd.com/mortgage-rates.html Mortgage rates excite the Mortgage Nerd more than they do the average person. But getting the best mortgage rates is a critical part of purchasing a home. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Mortgage rates as a fantasy Most American males daydream about girls, food, sports, alcohol and little else. Not the Mortgage Nerd. When this guy goes to bed each night at 9:36 EST, it's mortgage rates that dance through his head. When he's all worked up and has trouble sleeping after a long day of playing Magic The Gathering, he counts mortgage rates jumping over a fence, or slaying a dragon with his fist of magic. While we're not advocating the use of mortgage rates as a method of arousal, it's clear that the Nerd's devotion to them has made him an expert. The dude knows his stuff. Not only can he give you the breakdown on American mortgage loans across the land, he can point you in the direction of the best mortgage companies as well. Isn't it time you were down with the Nerd? Some basic points about mortgage rates When home mortgage rates talk, the Nerd listens. Likewise, when the Nerd talks, you listen. Even if it's hard to take him seriously. Because as geeky as he is, the dude knows his mortgages. Really, he does. Wait, where are you going? Why listen? Because of valuable information like this: Fixed mortgage rates keep the interest on your loan constant for its entire duration. Adjustable mortgage rates mean that your interest can fluctuate due to shifting economic conditions. It's valuable to consider which of these mortgage loans would be best for your present situation, since there are positives and negatives associated with both. Nationwide mortgage rates average somewhere between 5.0-6.0%. The Nerd says this is, historically, quite a low range. By opting for a 15-year mortgage instead of a 30-year loan, you can obtain mortgage rates on the low end of that scale. Your monthly payments will be higher, however. Making a larger down payment will not impact mortgage rates, but it will affect how long it takes you to pay off the loan. Wait, now the Nerds saying your down payment will affect your rates. What a dork! Larger down payments will save your money on interest. thanks for the clarification, nerd. The slightest change in mortgage rates can mean tens of thousands in savings - or expenses - throughout the course of your loan. So choose wisely at the beginning, and consider refinancing if rates shift in your favor. That's just the beginning of what the Nerd can show you. Check out our Related Resources to further tap his wealth of knowledge. Sat, 26 Jul 2008 15:00:00 EDT